Friday 28 December 2012

Taiwan to explore oil and gas in South China Sea

Taiwan plans to start exploring for oil and gas in the South China Sea starting next year.

Reports claim the Government announced a budget of Tw$17 million (£363,000) has been set aside to kick off exploration in the sea around Taiping Island although details are yet to be confirmed.

Taiwan currently imports around 98% of its energy requirements. It does not have any oil resources of its own and is dependent on imports mainly from the Middle East and Africa.

Earlier this year, ELN reported the country also planned to boost its nuclear capacity in the next few years despite public protests and hostility within its Government.