CNOOC discovers 100-mln-ton light crude in Bohai Bay
China’s largest offshore oil producer CNOOC Ltd<883>, the listed arm of China National Offshore Oil Corp, has discovered a large-size light crude oil and gas deposit at Jinzhou 25-1 field in Bohai Bay, said its parent China National Offshore Oil Corp (CNOOC) on Wednesday.
The light oil deposit discovered in the Jinzhou 25-1 field is about 100 million tons, or 733 million barrels, according to a statement posted on the website of the State-owned Assets Supervision and Administration Commission (SASAC).
It was reported that more than 80% of the reserves already discovered in Bohai Bay are heavy oil, but he cost to explore the light-oil field is lower. The discovery is expected to boost the company’s oil reserves at the field, previously estimated at 400 million barrels of oil equivalent.
Last month, its parent CNOOC Corp announced that it planned to invest about RMB 200 billion (US$29.3 billion) in exploration and development of the deep-sea oil and gas fields in the South China Sea jointly with CNOOC Ltd, China Oilfield Services Ltd and Offshore Oil Engineering Co Ltd, as well as foreign partners such as Devon Energy Corp and Anadarko Petroleum Corp and BG Group, China Knowledge reported earlier.
On Wednesday, shares of CNOOC Ltd rose 1.68% to close at HK$6.05.
Tags: CNOOC, oil