CNOOC Announces Major Oil Discovery in Bohai Sea, Boosting China's Energy Security

CNOOC Unveils Major Oil Discovery in Bohai Sea

CNOOC Ltd, China’s leading offshore crude oil and natural gas producer, announces a significant discovery in the Qinhuangdao 29-6 oilfield located in the Bohai Sea. This find, which is estimated to hold over 100 million tons of crude oil—approximately 730 million barrels—marks a pivotal moment for the company. Notably, this discovery represents CNOOC’s second hundred-million-ton-class lithological oilfield in the traditionally explored Shijiutuo Uplift area. The company’s commitment to bolstering its reserves and production capabilities is further underscored by this success, which aligns with China’s strategic goals of enhancing domestic energy production and reducing reliance on foreign oil and gas imports.

The Qinhuangdao 29-6 oilfield boasts a proved in-place volume exceeding 100 million tons of oil equivalent, a testament to CNOOC's ongoing exploration success. The medium-heavy crude discovered here not only adds to the company's substantial portfolio but also emphasizes the maturity of the Bohai Sea as a productive area for oil extraction. This achievement reflects CNOOC's aggressive exploration strategy in established basins, showcasing its ability to unlock value from mature fields through advanced technology and expertise.

In addition to the new discovery, CNOOC is actively advancing its Kenli 10-2 Oilfields Development Project, which is expected to become the largest shallow lithological oilfield offshore China when it launches in mid-2025. The project plans to drill 79 development wells and anticipates reaching peak production of approximately 19,400 barrels of oil equivalent per day (boepd) by 2026. With record-high production outputs recently achieved, CNOOC is poised to increase its contributions to China's energy security while capitalizing on its exploration successes.

CNOOC’s strategic initiatives extend beyond domestic endeavors, as the company also engages in international ventures that enhance its global positioning. Notably, CNOOC is a minority partner in an Exxon-led consortium that has discovered over 11 billion barrels of oil equivalents offshore Guyana. This involvement not only strengthens CNOOC’s portfolio but also showcases its role as a significant player in the global energy landscape, underlining its dual commitment to domestic production and international exploration.

As CNOOC continues to expand its operational footprint, the recent discoveries and developments signal a robust future for the company and its vital role in meeting China’s energy demands.