XCR1250 Posted March 8 Share Posted March 8 China's CNOOC makes 100 million ton oilfield discovery in South China Sea FILE PHOTO: China International Fair for Trade in Services (CIFTIS) in Beijing BEIJING (Reuters) - 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 said in a statement on Friday. The reserve is located at CNOOC's deepwater Kaiping South oilfield in the Pearl River Delta near Guangdong province, and contains light crude, the statement said. 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 this offshore reserves in eastern China's Bohai Sea and the South China Sea. (Reporting by Andrew Hayley; Editing by Cynthia Osterman) Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.