“ China's largest producer of offshore oil and gas CNOOC said Monday that CNOOC 981, the country's first deepwater drilling rig, has made its first deepwater gasfield discovery in the South China Sea.” “ The Lingshui 17-2 gasfield, some 150 kilometers south of Hainan Island, is in the east Lingshui Sag of the Qiongdongnan Basin, the company said in a statement.” “ Xie Yuhong, a manager with CNOOC, said the well would produce 56.5 million cubic feet of gas per day, equivalent to about 9,400 barrels of liquid oil per day, the highest daily flow of all CNOOC's gas wells during testing.” “ According to Xie, the gasfield could be very large, given test results so far. A large gasfield generally means at least 30 billion cubic meters.” “ Wang Yilin, CNOOC chairman, said discovery of the field opened the door to deepwater oil and gas resources in the South China Sea and the huge exploration potential of deepwater areas there.” “ China is th