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China to Drill Off U.S. Coast?

Mon, 03/20/2006 - 6:48am

A top U.S. chemical industry official is warning that Chinese companies may soon drill for oil and gas 50 miles off the U.S. coast. American Chemistry Council President Jack Gerard cited a production contract between Cuba’s state-owned Cubapetroleo and China Petroleum & Chemical Corp. (Sinopec) for Sinopec’s development of Cuban offshore oil reserves, noting that by longstanding convention the territorial waters boundary between the U.S. and Cuba is half the distance between the Florida Keys and Cuba’s coast, less than 100 miles. “That means that a Chinese company is or will be drilling for oil and gas within 50 miles of the U.S. coast even though under U.S. policy American energy companies are barred from drilling along most areas of the U.S. coast,” Gerard said.

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