China, North Korea and South Korea need to settle boundary dispute

Apr 22, 2004 02:00 AM

China, North Korea and South Korea will need to settle a boundary dispute before starting oil and gas exploration in the Yellow Sea, China-based industry officials said.
Government and industry officials from the three countries recently met in Beijing to discuss the possibility of joint exploration and production projects in the sea, but no decision was made during the meeting due to the dispute over the boundary. Further meetings haven't been scheduled.

The officials said the three countries all claim sovereignty over of some part of the Yellow Sea and because of that, little exploration has been conducted in the area.
"It looks like no exploration will be carried out without settling the boundary issue," said one official.

Little is known about the Yellow Sea's oil and gas reserve potential due to inadequate exploration.
China is keen to expand its oil and gas exploration and production to the Yellow Sea from the East China and Bohai seas as its domestic oil demand is far exceeding its current supplies.

Source: Dow Jones
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