CNOOC discovers oil, gas in Bohai

China’s state-owned oil and gas company (CNOOC) announced on Monday that it has achieved a significant exploration in Bohai Bay. The discovery well LK7-1-1 has been tested to yield approximately 210 cubic metres of crude oil and nearly 1 million cubic metres of natural gas.

Drilled to a depth of around 4,400 metres, the well encountered 76 metres of productive oil and gas zones. CNOOC highlighted its ongoing investment in the development of offshore oil and gas reserves, aimed at compensating for declining output from aging onshore fields.

Xu Changgui, Deputy Chief Exploration Officer of CNOOC, emphasised the promising exploration potential in the Mesozoic volcanic rocks of Bohai Bay. He noted that the successful well reflects the company’s enhanced understanding and technological advancements in accessing resources in medium-to-deep formations.

Attribution: Reuters citing CNOOC