A Chinese oil rig has finished exploration near the Paracel islands in the South China Sea after finding signs of oil and gas, the official Xinhua news agency said, more than two months after its deployment to waters also claimed by Vietnam hurt ties with Hanoi. Xinhua said the $1 billion deepwater rig was scheduled to be relocated to what it called the Hainan Lingshui project operations. It gave no date or location for the platform's next job, although Lingshui is a region on the coast of China's southern Hainan island. Xinhua quoted a statement from China National Petroleum Corporation (CNPC), the dominant oil and gas producer in China, as saying signs of oil and gas were found during drilling. Read More http://ift.tt/1n8zkuB
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