CNOOC Discovers Major Oilfield in Bohai Sea, Boosting Domestic Production and Energy Security

CNOOC Unveils Major Oil Discovery in Bohai Sea, Reinforcing Domestic Production Goals

CNOOC Ltd, China's foremost offshore crude oil and natural gas producer, announces a major breakthrough with the discovery of the Qinhuangdao 29-6 oilfield in the Bohai Sea. This significant find is estimated to house over 100 million tons, or approximately 730 million barrels, of medium-heavy crude oil. This discovery not only emphasizes CNOOC's ongoing commitment to bolstering its reserves and production capabilities but also marks its second hundred-million-ton-class lithological oilfield within the mature Shijiutuo Uplift exploration area. The proved in-place volume of the Qinhuangdao 29-6 oilfield exceeds 100 million tons of oil equivalent, showcasing the company's effective exploration strategies and efforts in enhancing domestic energy production.

The development of the Qinhuangdao 29-6 oilfield is particularly timely, as CNOOC aligns its operations with Chinese governmental directives aimed at decreasing the nation's dependency on imported oil and gas. The company has recently reported record-high production outputs, with expectations for further increases by 2025. This discovery is not merely a standalone achievement; it integrates seamlessly into CNOOC's broader strategy to maintain and expand its domestic production capabilities. With the continued success of exploration efforts, CNOOC positions itself as a leader in securing energy resources vital for the country's economic stability.

In addition to the Qinhuangdao find, CNOOC is advancing the Kenli 10-2 Oilfields Development Project. Scheduled to launch in mid-2025, this project aims to become the largest shallow lithological oilfield offshore China, incorporating 79 development wells that will include both recovery and injection wells. CNOOC anticipates that peak production from this project will reach approximately 19,400 barrels of oil equivalent per day (boepd) by 2026, further solidifying its role in the domestic energy landscape.

Beyond its domestic efforts, CNOOC is also making strides in international markets. The company serves as a minority partner in an Exxon-led consortium that recently discovered over 11 billion barrels of oil equivalents offshore Guyana. This involvement positions CNOOC as a formidable player on the global energy stage, diversifying its portfolio while contributing to the overarching objective of enhancing China's energy security. CNOOC's strategic initiatives reflect a commitment to innovation and sustainability, as it seeks to balance domestic needs with global opportunities in the rapidly evolving energy sector.