(MENAFN) China has identified a new oilfield in the Bohai Sea, with confirmed oil reserves totaling 104 million tons, according to a statement from a state-run news agency.
The announcement, attributed to China's national oil giant, China National Offshore Oil Corporation (CNOOC), was made public on Tuesday.
The newly discovered oilfield, known as the Qinhuangdao 27-3 oilfield, is situated approximately 200 kilometers (124 miles) from China's Tianjin municipality.
Reportedly, the oilfield is situated at an average water depth of 25 meters (82 feet). The company's assessment suggests that a single well in the area is anticipated to yield a daily crude oil output of around 110 tons.
This discovery marks the sixth instance since 2019 where oil reserves exceeding 100 million tons have been uncovered in the Bohai Sea. CNOOC views this as indicative of the significant potential for oil and gas exploration in the offshore region.
In addition to this recent discovery, earlier this month, CNOOC also announced the identification of another oilfield in the eastern South China Sea, boasting a volume of 100 million tons.
Looking ahead, CNOOC has set ambitious production targets for the year, aiming to achieve a production output of 700-720 million barrels of oil equivalent.
The majority of this production, accounting for 69 percent, is expected to be derived from operations within China, with the remaining portion sourced from overseas operations.
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