China’s CNOOC discovers 100 million ton oil field in South China Sea

© Reuters. FILE PHOTO: The logo of China National Offshore Oil Corporation (CNOOC) is seen on a booth during the China International Services Trade Fair (CIFTIS) in Beijing, China, September 1, 2022. REUTERS/Florence Lo/File Photo

BEIJING (Reuters) – Chinese state-owned oil and gas giant CNOOC (NYSE:) Ltd has discovered a new deposit containing more than 100 million tons of oil equivalent in the South China Sea, the company said in a statement on Friday. .

The reserves are located in CNOOC’s deepwater Kaiping South field in the Pearl River Delta near Guangdong province and contain light crude oil, the statement said.

CNOOC has been investing heavily in developing China’s offshore oil and gas reserves as part of a broader effort to offset declining production from aging onshore fields.

The company raised its 2024 production target by about 8% to 700 million to 720 million barrels of oil equivalent. Most of the domestic production is located in eastern China’s Bohai Sea and South China Sea.