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Snapple co-founder dies at 85
BEIJING, May 7 (UPI) -- The China National Offshore Oil Corp. said Monday it was ready to put its first Chinese-developed, deep-water drilling rig into operation.
The firm said the rig would be operational Wednesday and called the launch "a substantial step," as it is the first independent deep-water platform developed in China.
Xinhua reported the semi-submersible rig would be put to use 200 miles southeast of Hong Kong in waters about 1 mile deep.
Oil reserves under the South China Sea are estimated at 23 billion metric tons to 30 billion with natural gas reserves of 16 trillion cubic meters.
The area contains about a third of China's oil and gas reserves.
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ALGIERS, Algeria, May 24 (UPI) --
Algeria's government is under pressure to ease its foreign energy investment laws after BP warned it may delay important projects in the North African state.
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ARLINGTON, Va., May 24 (UPI) --
BAE Systems has received a two-year contract extension from the U.S. Army Space and Missile Defense Command to support its Future Warfare Center.
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Properties repossessed by lenders in the first quarter took an average of 477 days to complete the foreclosure process, up from 414 days in the previous...
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Nobody likes spending cuts but the champion of that attitude is clearly President Barack Obama, who seems to have a very clear pain-avoidance agenda.
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