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Reserves of natural gas were found offshore the Gaza Strip in the year 2000, within the framework of licensing to British Gas by the Palestinian National Authority. [1] The discovered gas field, Gaza Marine, though mediocre in size, had been considered at the time as one of the possible drives to boost Palestinian economy and promote regional cooperation.
Different estimates may or may not include oil shale, mined oil sands or natural gas liquids. Because proven reserves include oil recoverable under current economic conditions, nations may see large increases in proven reserves when known, but previously uneconomic deposits become economic to develop.
Many nation-states, with the exception of Singapore, possess overlapping territorial claims within the South China Sea, which are also at odds with China's claims. [1] China's maritime actions in the South China Sea include a broad range of measures, such as the deployment of maritime militias, [2] the coast guard, [3] and artificial land reclamation. [4]
In 1999, BG Group was granted an exploration licence by the PA, and in 2000 the company discovered natural gas about 36 kilometres (22 mi) offshore in the Mediterranean Sea in the Gaza Marine gas field. As of 2021, exploitation of the gas field is still subject to negotiations.
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Reed Tablemount (also referred to as Reed Bank, Recto Bank and several other names) is a large tablemount or guyot in the South China Sea north-east of Dangerous Ground and north-east of the Spratly Islands. It covers an area of 8,866 square kilometres (3,423 sq mi), [1] but with depths between only 9 and 45 metres (30 and 148 ft). [2]
The Paracel and Spratly Islands, known as the Hoang Sa and Trong Sa islands in Vietnam, are in the South China Sea, a busy global maritime waterway almost all of which is claimed by China.
The Chinese Ministry of Geological Resources and Mining estimated that the South China Sea may contain 17.7 billion barrels of crude oil, [117] compared to the oil rich country of Kuwait which has 13 billion barrels. In the years following the announcement by the PRC ministry, the claims regarding the South China Sea islands intensified.