CNOOC Ltd. finds new Chinese offshore well

A Chinese oil company found a new oil and natural gas well off China’s northeast coast, the latest such find expected to expand its reserves.

The Hong Kong-based China National Offshore Oil Company Ltd. announced the find Tuesday.

It was drilling in the Bohai Bay when it located the well, which is expected to yield 620 barrels of oil per day and 240,000 cubic feet of natural gas per day, the state-run Xinhua News Agency reported.