Exciting Oil Discovery in South China Sea
Revolutionary Find in the South China Sea
Chinese state-owned CNOOC Ltd has made a groundbreaking oil and gas discovery in the South China Sea, uncovering a reserve with over 100 million tons of oil equivalent. This remarkable find solidifies CNOOC’s position as a major player in the energy sector.
Discovery Details at Kaiping South Oilfield
The newly found reserve is nestled within CNOOC’s deepwater Kaiping South oilfield, situated in the Pearl River Delta near Guangdong province. This location boasts an abundance of light crude oil, offering promising prospects for future exploration and extraction.
CNOOC’s Strategic Investment
As part of its strategic vision, CNOOC has heavily invested in the development of offshore oil and gas reservoirs in China. This move aims to counteract the dwindling production from aging onshore fields, ensuring a stable energy supply for the nation.
Projections and Aspirations
The company has set ambitious targets for its 2024 production, aiming to reach a record-breaking 700 to 720 million barrels of oil equivalent. The focus remains on harnessing the potential of offshore reserves in the Bohai Sea and the South China Sea to meet the growing energy demands of the country.
China’s CNOOC has demonstrated its commitment to innovation and progress in the energy sector through this significant discovery. The future looks bright as they continue to explore new horizons and push boundaries in the quest for sustainable energy sources.
