CNOOC Discovers Over 100 Million Tons of Oil in Bohai Sea's Qinhuangdao 29-6 Field

CNOOC Unveils Major Oil Discovery in Bohai Sea

CNOOC Ltd, a frontrunner in China's offshore crude oil and natural gas production, announces a significant milestone with the discovery of the Qinhuangdao 29-6 oilfield in the Bohai Sea. This newly uncovered field is estimated to contain over 100 million tons of crude oil, which translates to approximately 730 million barrels. The discovery highlights the potential of the Shijiutuo Uplift area, recognized for its mature exploration activities. Notably, the Qinhuangdao 29-6 oilfield is CNOOC's second hundred-million-ton-class lithological oilfield, reinforcing the company's strategic focus on bolstering its reserves and enhancing production capabilities.

The proved in-place volume of the Qinhuangdao 29-6 oilfield exceeds 100 million tons of oil equivalent, reiterating CNOOC's ongoing success in exploration efforts within this prolific region. The medium-heavy crude found in this field is expected to contribute significantly to the company's overall output, aligning with CNOOC's long-term goals of maximizing production efficiency and sustainability. This discovery not only strengthens the company’s portfolio but also supports China's broader energy strategies, aimed at reducing dependence on imported hydrocarbons.

In addition to the Qinhuangdao 29-6 find, CNOOC is advancing its Kenli 10-2 Oilfields Development Project, scheduled to launch in mid-2025. This project is poised to become the largest shallow lithological oilfield offshore China, comprising 79 development wells designed for both recovery and injection. CNOOC anticipates reaching peak production levels of approximately 19,400 barrels of oil equivalent per day by 2026, further solidifying its position as a leader in domestic energy production. The company’s commitment to exploration and development is crucial as it navigates a landscape increasingly focused on energy security and sustainability.

Beyond its domestic ventures, CNOOC's international collaborations also play a vital role in its growth strategy. As a minority partner in an Exxon-led consortium, the company is involved in a significant oil discovery offshore Guyana, which boasts over 11 billion barrels of oil equivalents. This international engagement not only diversifies CNOOC's asset base but also enhances its reputation in the global energy market, positioning it as a key player in meeting future energy demands.

CNOOC's recent achievements in both domestic and international arenas underscore its commitment to innovation and exploration, aligning with the Chinese government's objectives for energy independence. With substantial discoveries like Qinhuangdao 29-6 and ambitious development projects on the horizon, CNOOC is poised to continue its trajectory as a leading force in the global energy landscape.