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CNOOC makes oil discovery in Bohai Sea

17th August 2012

CNOOC could boost output with its newest discovery of 218.4 meters of oil pay zones in the Bohai Sea

CNOOC makes oil discovery in Bohai Sea
The well’s output was estimated by CNOOC at 6,600 barrels of crude oil and 4.5 million cubic feet of natural gas per day

China's leading offshore oil and gas developer, CNOOC has made a significant find in the Bohai Sea, after the successful appraisal of two wells, the Chinese energy firm said in a statement on Tuesday. The discovery could help CNOOC up its future production estimates.

China National Offshore Oil Corporation (CNOOC) has uncovered 218.4 meters of oil pay zones with a thickness of up to 133.7 meters, the firms said.

The well’s output was estimated by CNOOC at 6,600 barrels of crude oil and 4.5 million cubic feet of natural gas per day. The company described this as “the highest capacity of clastic rocks in Bohai”.

“Qinghuangdao 29-2 will provide firm support to the Company’s reserve and production growth in the near future,” CNOOC CEO Li Fanrong stated.

“This discovery is significant for CNOOC considering the fact that oil production in the Bohai Sea has been declining,” Nomura Equity Research Analyst Ding Hanzhi told Rigzone on Thursday.

Qinhuangdao 29-2 lies in the central north of Bohai, with an average water depth of about 27 meters.