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Oil majors risk China's wrath exploring for oil in South China Sea

CANADA's Talisman Energy said it will explore for oil off the Vietnam despite China's rival claims to the area, the Wall Street Journal reported. 

Oil majors risk China's wrath exploring for oil in South China Sea
19 July 2014 - 07:39
Oil majors risk China's wrath exploring for oil in South China Sea

CANADA's Talisman Energy said it will explore for oil off the Vietnam despite China's rival claims to the area, the Wall Street Journal reported. 

International oil companies in the South China Sea have increasingly become involved in territorial disputes. Exxon Mobil drilled wells in contested territory in 2011 and 2012, saying sovereignty disputes are for governments to resolve. 

But Chevron cancelled exploration plans east of Vietnam in 2007 after China said its actions violated Chinese sovereignty. Tensions have been high since China sailed a rig into waters claimed by Vietnam in May.

Earlier this week the China National Offshore Oil Corp's billion dollar oil rig withdrew from waters also claimed by Vietnam and moved to undisputed waters off China's island province of Hainan. 

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