CNOOC has announced a major oilfield discovery in the north-central waters of the Bohai Sea, producing medium-heavy crude oil.

“The successful discovery of the oilfield further demonstrates the oil and gas exploration potential in the complicated strike-slip fault zones of the Bohai Sea,” said Xu Changgui, Deputy Chief Exploration Officer of the Company.

The Qinhuangdao 27-3 Oilfield (QHD27-3-3) has an average water depth of 25 meters and is primarily located in the Minghuazhen Formation of Neogene.

The well, which was drilled and completed at a depth of 1,570 meters and encountered a total of 48.9 meters of oil pay zones, has been tested to produce approximately 742 barrels of crude oil per day. Through continued exploration, the proved in-place volume of QHD27-3-3 Oilfield has reached 104 million tons of oil equivalent.

“Over the years, we have been continuing to make new discoveries in the Bohai Sea, which further expand the resource base for offshore oil production growth. CNOOC Limited will focus on increasing reserves and production to enhance our energy supply capacity, thereby contributing to the sustainable development of the economy and society,” said Zhou Xinhuai, CEO and President of the Company.