July 25, 2024
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CNOOC Makes Major Oil Discovery in Bohai Sea

China’s state-owned oil and gas giant, CNOOC Ltd (0883.HK), has announced a significant oilfield discovery in the Bohai Sea, adding over 100 million tons of oil equivalent proved in-place volume. The discovery was made at the Qinhuangdao 27-3 oilfield, located in the north-central waters of the Bohai Sea.

According to a statement released by the company on Monday, the field has been tested to produce approximately 742 barrels of crude oil per day from a single well. This discovery follows CNOOC’s earlier announcement this month of a new reserve in the South China Sea, containing over 100 million tons of oil equivalent proved in-place.

These discoveries mark a substantial investment by CNOOC in the development of China’s offshore oil and gas reserves, aiming to counteract declining output from aging onshore fields. In January, CNOOC raised its 2024 production target by approximately 8% to a record 700 million to 720 million barrels of oil equivalent, citing higher annual capital spending, with production reaching about 675 million boe in 2023.

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