However, that ambition, initiated by China National Offshore Oil Corporation (CNOOC), is unlikely to become a reality in such a short time, given a number of uncertainties such as reserve potential, lack of technology and geopolitical complexities.
In addition to relying on foreign subsea contractors and equipment providers to help tide over the technical challenges in deep-water exploration and development, CNOOC will also have to deal with the more thorny issue of the territorial dispute around the Spratly Islands in the South China Sea.
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