Major Bohai Sea Oilfield Discovery for CNOOC

CNOOC Limited ($0883.HK) has made a major oilfield discovery in the Bohai Sea according to a statement issued by the company this week. The company’s share price rose to $18.00 in intraday trading on Monday before settling up +1.49% to reach $17.72 at the close of market on Tuesday.

The Qinhuangdao 27-3 Oilfield is expected to add over a hundred million tons of oil equivalent proved in-place volume. It is located in the north-central waters of the Bohai Sea, with an average water depth of approximately 25 meters, and the oil property is medium-heavy crude. The field has been tested to produce approximately 742 barrels of crude oil per day from a single well.

CNOOC’s CEO and President, Zhou Xinhuai, said in the statement, “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.”

CNOOC Limited has had a strong start to 2024 marked by ambitious business strategies and achievements in exploration and production. The company aimed to increase its oil and gas output by 5% compared to the previous year, with a target of 1.95 million barrels per day of oil equivalent. The company’s business strategy and development plan for the year emphasizes increased efforts in natural gas exploration and capital expenditure.

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Major Bohai Sea Oilfield Discovery for CNOOC

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