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China’s Cnooc (OTCPK:CEOHF) said Friday it has discovered a new reserve in the deep waters of the South China Sea containing more than 100 million tons of oil equivalent.
The reserve is located in Cnooc’s (OTCPK:CEOHF) Kaiping South deepwater oil field. the Pearl River Delta, near Guangdong province, and contains light crude, the company said.
Cnooc (OTCPK:CEOHF) said the KP18-1-1d discovered well was tested to produce an average of 7,680 bbl/d of crude oil and 520 million cubic feet/d of natural gas, bringing the volume in-place proven of Kaiping South to reach 102 million tonnes of oil equivalent.
Cnooc (OTCPK:CEOHF) “has achieved significant progress in oil and gas exploration in the eastern South China Sea, building a new growth pole for offshore oil and gas production,” said Chairman and CEO Zhou Xinhuai.
The company recently raised its 2024 production target by about 8% to a record 700 million to 720 million boe.