China discovers oilfield with over 100M tons of reserve in Bohai Sea

By Emre Aytekin

BEIJING (AA) - China discovered an oilfield in the Bohai Sea with proven oil reserves of 104 million tons, the state-run Xinhua news agency has announced.

Citing the country’s national oil giant, China National Offshore Oil Corporation (CNOOC), the news agency reported on Tuesday that the discovery was made at the Qinhuangdao 27-3 oilfield, located some 200 kilometers (124 miles) from China's Tianjin municipality.

The oilfield boasts an average water depth of 25 meters (82 feet) and the daily crude oil output of a single well is estimated to be in the region of 110 tons, according to the company's assessment.

The discovery is the sixth with reserves of over 100 million tons found in the Bohai Sea since 2019, demonstrating the broad prospects of oil and gas exploration in this offshore region, according to CNOOC.

Earlier this month, CNOOC made an oilfield discovery with a volume of 100 million tons in the eastern South China Sea, the company announced on Friday.

CNOOC aims to produce 700-720 million barrels of oil equivalent this year, with 69% derived from China and the remainder from overseas operations.

* Writing by Handan Kazanci