New reserve at Kaiping South oilfield bolsters CNOOC’s offshore portfolio

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China National Offshore Oil Corporation (CNOOC) announced a significant discovery in the South China Sea, revealing a new reserve with over 100 million tons of oil equivalent proved in-place. This discovery marks a crucial advancement in CNOOC’s efforts to enhance China’s energy security and support its growing economy.

Located at the deepwater Kaiping South oilfield in the Pearl River Delta near Guangdong province, this reserve is particularly notable for containing light crude, which is highly sought after in global markets for its quality and low sulfur content.

CNOOC’s investment in developing China’s offshore oil and gas reserves is part of a strategic initiative to counterbalance declining output from aging onshore fields. To this end, the company has revised its 2024 production target upwards by about 8%, aiming for a record production of 700 million to 720 million barrels of oil equivalent.

Much of this increased production will come from CNOOC’s offshore reserves in the eastern regions of China, including the Bohai Sea and the South China Sea. This underscores the company’s commitment to leveraging its expertise in deepwater exploration and production to unlock the full potential of China’s offshore energy resources.

CNOOC’s latest discovery is not only a testament to its technical capabilities but also highlights its role in advancing China’s energy independence and supporting its economic development.

(Source: Reuters | Crude Oil Today | WION)

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