Major oilfield discovery off China brings hundred million tons reserves

China’s oil and gas player CNOOC Limited has discovered a new oilfield in the Bohai Sea offshore China, which adds another hundred million tons of reserves.

CNOOC announced the discovery of the Bozhong 26-6 oilfield in the south of the Bohai Sea with an average water depth of 22 metres on Wednesday, 1 March 2023. The oilfield’s main oil-bearing play is Archean buried hill and the oil property is light crude.

Xu Changgui, Deputy Chief Exploration Engineer of CNOOC, commented: “Bozhong 26-6 oilfield is the third oilfield discovery with hundred million tons of reserves in the southern Bohai Sea after Kenli 6-1 and Kenli 10-2. It is identified as the largest metamorphic buried hill oilfield in China. The discovery demonstrates the broad prospect of exploration for subtle buried hills in the Bohai Sea, providing important guidance for exploration in similar basins.”

According to CNOOC, the discovery well BZ26-6-2 was drilled and completed at a depth of 4,480 metres, which encountered a total of 321.3 metres oil pay zones. The well was tested to produce an average of approximately 2,040 barrels of crude oil and 11.45 million cubic feet of natural gas per day.

Zhou Xinhuai, CEO of CNOOC, remarked: “Bohai Sea has been one of the targeted areas of exploration for the company. We will keep looking for mid-to-large sized oil and gas fields and continue to discover new momentum for offshore oil and gas developments, helping to fortify the resource foundation for the high-quality and sustainable development of the company.”

Based on CNOOC’s 2023 Business Strategy and Development Plan, the Chinese giant plans to ramp up oil and gas production this year by bringing new projects on stream while advancing the transition to low-carbon and renewable energy.