CNOOC: Major Oilfield Discovery in Bohai Sea

China National Offshore Oil Corporation (CNOOC) has announced a significant oilfield discovery in the Bohai Sea, revealing over 100 million tons of oil equivalent in proved reserves. This discovery is part of CNOOC’s ongoing efforts to enhance its offshore oil production capabilities amid declining output from aging onshore fields.

• CNOOC discovered over 100 million tons of oil equivalent at the Qinhuangdao 27-3 oilfield in the Bohai Sea.
• The field has been tested to produce approximately 742 barrels of crude oil per day from a single well.
• This discovery follows another recent find in the South China Sea, also exceeding 100 million tons of oil equivalent.
• CNOOC aims to increase its production target for 2024 to a record 700-720 million barrels of oil equivalent.

The Qinhuangdao 27-3 oilfield, located in the north-central waters of the Bohai Sea, is a significant addition to China’s offshore oil reserves. CNOOC’s testing has shown promising results, with a single well producing around 742 barrels of crude oil daily. This discovery is crucial for CNOOC as it seeks to offset declining production from its older onshore fields.

Earlier this month, CNOOC also announced a new reserve in the South China Sea, which similarly boasts over 100 million tons of oil equivalent. These discoveries highlight CNOOC’s commitment to investing in offshore oil and gas exploration, which is essential for meeting China’s growing energy demands.

CNOOC’s discoveries are strategically important for several reasons:

1. Energy Security: With China’s increasing energy needs, these discoveries help reduce dependency on foreign oil imports.
2. Economic Growth: Enhanced oil production can contribute significantly to China’s economy, providing jobs and boosting related industries.
3. Technological Advancement: The successful exploration and extraction from these fields demonstrate advancements in offshore drilling technology, positioning China as a leader in this sector.

In light of these discoveries, CNOOC has raised its production target for 2024 to between 700 million and 720 million barrels of oil equivalent. This marks an 8% increase from previous targets, reflecting the company’s confidence in its exploration and production capabilities. CNOOC’s production reached approximately 675 million barrels of oil equivalent in 2023, indicating a robust growth trajectory.

The recent discoveries by CNOOC in the Bohai Sea and South China Sea underscore the company’s pivotal role in bolstering China’s energy independence and economic growth. As CNOOC continues to invest in offshore exploration, the implications for both the domestic and global energy markets could be significant, paving the way for a more secure energy future for China.

• China’s CNOOC discovers 100 million ton oilfield in Bohai Sea, Reuters.
• CNOOC reports discovery of huge gas field in South China Sea, Global Times.
• Cumulative proven reserves exceed 200 million cubic meters at Bozhong 26-6 oilfield, Global Times.
• China’s CNOOC discovers 100 mln-ton oilfield in South China Sea, Xinhua says, Reuters.
• China delivers largest overseas offshore oil platform to Saudi Arabia, Global Times.