China’s CNOOC Finds 200-M Ton Oilfield In South China Sea

Chinese state-owned oil and gas giant CNOOC Ltd. has discovered a new reserve in the South China Sea containing over 100 million tons of oil equivalent proved in-place, the company announced, Andrew Hayley reported for Reuters.

CNOOC has invested heavily in developing China's offshore oil and gas reserves as part of a broader push to offset declining output from aging onshore fields. I Photo: CNOOC

The reserve is located at CNOOC's deepwater Kaiping South oilfield in the Pearl River Delta near Guangdong province and contains light crude. CNOOC has invested heavily in developing China's offshore oil and gas reserves as part of a broader push to offset declining output from aging onshore fields.

The company lifted its 2024 production target by about 8% to a record 700 million to 720 million barrels of oil equivalent. Domestic production, much of it offshore, is centered in eastern China's Bohai Sea and the South China Sea.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem