China’s Boldest Oil Hunt Yet

In October last year, China’s CNOOC reported record oil and gas production from a field called Deep Sea #1. The field was the company’s first ultra-deep project, an example of the pursuit of new, untapped resources that lie deeper under the sea. Yet it’s not only ultradeep offshore drilling that the Chinese are focusing on. Right now, China is building a new rig that should be able to drill much deeper than any other rig—onshore. Led by the Chinese Academy of Geological Sciences, the project involves a number of research…