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China’s Cnooc (OTCPK:CEOHF) mentioned Friday it found a brand new reserve within the deepwater South China Sea containing greater than 100M metric tons of oil equal proved in-place.
The reserve is situated at Cnooc’s (OTCPK:CEOHF) deepwater Kaiping South oilfield in the Pearl River Delta close to Guangdong province, and comprises mild crude, the corporate mentioned.
Cnooc (OTCPK:CEOHF) mentioned the KP18-1-1d discovery nicely was examined to supply a median 7,680 bbl/day of crude oil and 520M cf/day of pure fuel, main the proved in-place quantity of Kaiping South to achieve 102M tons of oil equal.
Cnooc (OTCPK:CEOHF) “has achieved outstanding breakthroughs in oil and fuel exploration within the jap South China Sea, constructing a brand new development pole for offshore oil and fuel manufacturing,” President and CEO Zhou Xinhuai mentioned.
The corporate not too long ago raised its 2024 manufacturing goal by ~8% to a document 700M-720M boe.
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