China's state-owned oil and gas giant, CNOOC, has announced a significant oil field discovery in the Bohai Sea. The Qinhuangdao 27-3 oil field, located in the north-central waters of the Bohai Sea, has an estimated proved in-place volume of over 100 million tonnes of oil equivalent. Initial testing has yielded approximately 742 barrels of crude oil per day from a single well.
This discovery follows CNOOC's earlier announcement of a new reserve in the South China Sea, also containing over 100 million tonnes of oil equivalent proved in-place. These discoveries align with CNOOC's strategic focus on developing China's offshore oil and gas reserves to mitigate the decline in output from aging onshore fields.
CNOOC has significantly increased its capital spending and raised its 2024 production target by approximately 8% to a record 700 million to 720 million barrels of oil equivalent. In 2023, the company's production is expected to reach approximately 675 million barrels of oil equivalent.