CNOOC Discovers 100 Million Ton Oilfield in South China Sea
(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.
Related News
Related News
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- Tallgrass to Build New Permian-to-Rockies Pipeline, Targets 2028 Startup with 2.4 Bcf Capacity
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- LNG Canada Start-Up Fails to Lift Gas Prices Amid Supply Glut
- TC Energy’s North Baja Pipeline Expansion Brings Mexico Closer to LNG Exports
Comments