C.F. 326
CONFIDENTIAL #5
3
uld
so that no time would be lost if a decision
is taken to go ahead.
6.
It also appears that some Hong Kong companies are already involved, or at an advanced stage of planning to get involved, in support of the "exploration" phase. Hongkong United Dockyards are servicing 3 4 seismic survey vessels a month. (there are 20 - 24 now operating), and have outline plans to extend their Tsing Yi Island site to create an offshore supply/service base and rig repair centre; Swire Pacific Offshore is now operating offshore tug/supply/anchor handling vessels which could be used to support drilling rigs when they start drilling in 1981. The C.Y. Tung Shipping Group has obrained approval in princple from the U.K. Government in their bid for the Furness Withy Shipping Group, which would provide them with ownership of an established exploration drilling/ diving company with four semi-submersible drilling rigs, and which in turn could be operated from C.Y. Tung's Tsing Yi base. It has also been
reported that Britain's Cluff Oil has set up a Hong Kong-based joint venture company for Chinese offshore oil exploration. The other investors in the firm include some of the biggest names in Hong Kong business: the Hong Kong Bank, Li Ka-shing, Inchcape, Wheelock Marden, John Swire & Sons and
World-Wide.
7.
A Working Group on Oil Exploration in the South China Sea was formed in February 1980 under the Chairmanship of SES. As a result of a recommen- dation of the Working Group's, Pasco Engineering
Ltd.,
a British company, has been appointed to carry out a consultancy. The consultent
CONFIDENTIAL ##
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