CNOOC makes another “major” oil discovery of over 100 MMtoe in China’s Bohai Sea

(WO) – CNOOC Limited made a major oil field discovery called Qinhuangdao 27-3 in Bohai Sea, which adds over 100 million tons of oil equivalent (MMtoe) proved in-place volume.

The Qinhuangdao 27-3 oil field is located in the north-central waters of the Bohai Sea, with an average water depth of approximately 25 m. The main oil-bearing play is the Minghuazhen Formation of Neogene, and the oil property is medium-heavy crude.

The QHD27-3-3 discovery well was drilled and completed at a depth of 1,570 m, which encountered a total of 48.9 m oil pay zones. The field has been tested to produce approximately 742 bopd from a single well. Through continued exploration, the proved in-place volume of the Qinhuangdao 27-3 oil field has reached 104 MMtoe.

Mr. Xu Changgui, Deputy Chief Exploration Officer of CNOOC, said, “Qinhuangdao 27-3 oil field is another major discovery with proved-in place volume over 100 million tons that we made in the north-central Bohai Sea in a decade. The successful discovery of the oil field further demonstrates the oil and gas exploration potential in the complicated strike-slip fault zones of the Bohai Sea.”

Mr. Zhou Xinhuai, CEO and President of the Company, said, “Over the years, we have been continuing to make new discoveries in the Bohai Sea, which further expand the resource base for offshore oil production growth. CNOOC Limited will focus on increasing reserves and production, to enhance our energy supply capacity, thereby contributing to the sustainable development of the economy and society.”