Oil & Gas

CNOOC Limited has announced a significant oilfield discovery in the Bohai Sea off the coast of China, confirming more than 100 million tons of oil equivalent in-place volume. This comes shortly after the company's recent discovery in the South China Sea. The new oilfield, named Qinhuangdao 27-3 Oilfield, is situated in the north-central part of the Bohai Sea, with an average water depth of around 25 meters. The oil discovered is described as medium to heavy. Initial tests indicate that a single well can produce approximately 742 barrels of crude oil per day.

CNOOC's CEO, Zhou Xinhuai, commented that the company has been consistently making new discoveries in the Bohai Sea, expanding their offshore oil production resources.

In addition to this discovery, CNOOC recently announced another significant find in the South China Sea, potentially holding up to 100 million tons of oil equivalent. This discovery was made in an already producing area of the Pearl River Delta, containing light crude resources.

These discoveries follow CNOOC's decision in January to increase its oil and gas production targets and capital expenditures to record levels, aiming to boost reserves and production. Net oil and gas production for CNOOC reached a record high of 675 million barrels of oil equivalent in 2023. The company now targets an output of between 700 million and 720 million barrels of oil equivalent for this year, with a net production goal of 780 million to 800 million boe for 2025, and between 810 million to 830 million boe for 2026.