There has been a concerted campaign to depict the South China Sea as an indispensable artery for commercial shipping and, therefore, a justifiable object of US attention and meddling.
This flagship of this effort is invoking the “$5 trillion dollars” worth of goods that pass through the SCS each year. Reuters, in particular, is addicted to this formula.
Here’s seven Reuters news stories within the last month containing the $5 trillion figure:
What interests me is that these seven articles reflect the work of six reporters and seven editors (seven to six! Glad to see Reuters has a handle on the key ratios!) in five bureaus and they all include the same stock phrase. How’s that work? Does headquarters issue a ukaz that all articles about the South China Sea must include the magic $5 trillion phrase? Does the copyediting program flag every reference to the South China Sea omitting the figure? Or did the reportorial hive mind linking Beijing, Manila, Hanoi, Hong Kong, and Sydney spontaneously and unanimously decided that “$5 trillion” is an indispensable accessory for South China Sea reporting?
I guess it’s understandable. A more accurate characterization of the South China Sea as “a useful but not indispensable waterway for world shipping whose commercial importance, when properly exaggerated, provides a pretext for the United States to meddle in Southeast Asian affairs at the PRC’s expense” is excessively verbose and fails to convey a sense of urgency.
The kicker, of course, is that the lion’s share of the $5 trillion is China trade, and most of the balance passes through the South China Sea by choice and not by necessity. … Full article
BEIJING – China National Offshore Oil Corporation (CNOOC) has signed two production sharing contracts with Chevron China Energy Company for two blocks in the South China Sea, a statement said.
CNOOC Limited, a subsidiary of CNOOC — the country’s largest offshore oil and gas producer, said in the online statement late Wednesday that the two blocks, Block 15/10 and Block 15/28, are located in the Pearl River Mouth Basin in the east part of the South China Sea.
According to the terms of the contracts, Chevron will conduct 3D seismic data surveys in the two blocks during the exploration period, in which all expenditures incurred will be borne by Chevron.
CNOOC is allowed to take up to 51 percent of interest in any commercial discoveries in the blocks, the statement said.
“We are very pleased to become a partner with Chevron again and hope this project achieves commercial discoveries soon to create economic returns for both companies,” said Zhu Weilin, executive vice president of CNOOC Limited.
- CNOOC signs Sunshine Oil Sands deal (business.financialpost.com)