A Chinese oil rig has concluded exploration near the Paracel islands in the South China Sea after discovering signs of oil and gas, Reuters reported, citing state media. Xinhua said the US$1 billion deepwater rig was scheduled to be relocated to what it called the Hainan Lingshui project operations. It had been operating for two months in waters also claimed by Vietnam. Chinese industry experts have said the rig had a good chance of finding enough gas to put the area into production. That would give China its first viable energy field in the disputed South China Sea.
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