Cnooc Ltd. Discovers Oil in China's Bohai Bay
Chinese oil major Cnooc Ltd. has discovered oil in the Kenli 10-2 oil field in the southern Bohai bay in northeastern China.
From the Equity Insider archive. This article dates from Sep 30, 2021 and is preserved as first published.
Chinese oil major Cnooc Ltd. has discovered oil in the Kenli 10-2 oil field in the southern Bohai bay in northeastern China.
The crude discovered was conventional heavy oil and the appraisal well was tested to produce 569 barrels of oil a day, the company said Thursday.
The crude discovered was conventional heavy oil and the appraisal well was tested to produce 569 barrels of oil a day, the company said Thursday.
The discovery follows its Sept. 24 announcement that its oil-production project in the Bozhong 19-4 oil field, also in the southern Bohai sea, had commenced production. The project is expected to reach a peak production of approximately 11,000 barrels of crude oil a day in 2022, it said.
The Bohai area is the most important oil-and-gas producing region for Cnooc, with 1.44 billion barrels of oil equivalent of resource reserves and a production of 477,374 barrels of oil equivalent a day as of 2020, it said. This is about a third of the company’s total domestic production.
The company has other oil-and-gas producing operations in the South China Sea and holds equity interests in overseas production facilities as well.
