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CNOOC Announces Discovery of 100 Million Ton Oil Reserve in South China Sea


BEIJING – The China National Offshore Oil Corporation (CNOOC) has unveiled a significant oilfield discovery in the eastern South China Sea, with an estimated reserve of 100 million tons. The announcement was made by the company on Friday, marking a notable advancement in China’s energy exploration efforts.



According to Philippines News Agency, the newly discovered reserve is located in the Kaiping South Oilfield, situated 300 kilometers off the coast of Guangdong province. Further exploration activities have confirmed the oilfield’s proved in-place volume at 102 million tons of oil equivalent. The exploratory well within this oilfield has demonstrated the capacity to produce an average of 7,680 barrels of crude oil and 0.52 million cubic feet of natural gas daily.



Xu Changgui, the deputy chief exploration officer of CNOOC, highlighted the significance of the Kaiping South Oilfield, noting it as China’s first deep-water and deep-play oilfield with a proven in-place volume exceeding one hundred million tons. This discovery underscores China’s ongoing commitment to enhancing its energy supply capacity through continued exploration and development in the South China Sea.



Zhou Xinhuai, CEO and president of CNOOC, reiterated the company’s dedication to exploring and developing oil and gas resources in the region, aiming to significantly boost China’s energy supply. In line with these efforts, CNOOC has set a production target for 2024, aiming to produce between 700 to 720 million barrels of oil equivalent, with 69 percent of this production coming from domestic operations and the remainder from its overseas ventures.

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