A new reservoir in the South China Sea with over 100 million tonnes of proven oil equivalent has been found, according to a statement released by the state-owned Chinese oil and gas giant CNOOC Ltd.
The reserve, which contains light crude, is situated at CNOOC’s deepwater Kaiping South oilfield in the Pearl River Delta close to Guangdong province, according to the release.
Laptops 1000CNOOC has made significant investments in China’s offshore gas and oil reserves as part of a larger effort to counteract the aging onshore resources’ falling production.
The corporation increased its output goal for 2024 by almost 8%, reaching a record 700 million to 720 million barrels of oil equivalent, mostly from offshore reservoirs in the South China Sea and the Bohai Sea in eastern China.
