China discovers large oil fields

Last Updated on July 3, 2024 9:04 am

China has discovered an oil field in the Bohai Sea. The oil field has reserves of 104 million tons of oil. Chinese officials were quoted as saying by state news agency Xinhua.

China’s national oil company, China National Offshore Oil Corporation (CNOOC), said on Tuesday (March 19) that the huge oil reserves have been discovered in the Qinhuangdao 27-3 oil field, located about 200 kilometers from Tianjin Municipality in China.

The average depth of the oil field is 25 m (82 ft). According to the company’s assessment, one well can extract 110 tons of crude oil per day.

According to CNOOC, this is the sixth oil field discovery since 2019 in the Bohai Sea. Each of which has more than 100 million tons of oil reserves.

Earlier this month, CNOOC discovered a 100 million tonne oil field in the eastern South China Sea. The company aims to extract 700-720 million barrels of oil this year. 69 percent of which will come from the country’s mines.