MicroStockHub/iStock via Getty Images
China’s Cnooc (OTCPK:CEOHF) said Friday it discovered a new reserve in the deepwater South China Sea containing more than 100M metric tons of oil equivalent proved in-place.
The reserve is located at Cnooc’s (OTCPK:CEOHF) deepwater Kaiping South oilfield in the Pearl River Delta near Guangdong province, and contains light crude, the company said.
Cnooc (OTCPK:CEOHF) said the KP18-1-1d discovery well was tested to produce an average 7,680 bbl/day of crude oil and 520M cf/day of natural gas, leading the proved in-place volume of Kaiping South to reach 102M tons of oil equivalent.
Cnooc (OTCPK:CEOHF) “has achieved remarkable breakthroughs in oil and gas exploration in the eastern South China Sea, building a new growth pole for offshore oil and gas production,” President and CEO Zhou Xinhuai said.
The company recently raised its 2024 production target by ~8% to a record 700M-720M boe.
