CNOOC makes new oil discovery in China's Bohai Sea area

Oct 12, 2005 02:00 AM

China National Offshore Oil Company Ltd. of the China National Offshore Oil Corporation (CNOOC), China's largest offshore oil producer, announced that it has made a new oil discovery in China's Bohai Sea area.
Rich oil reserves were confirmed in the LD27-1 oil field when the wildcat LD27-1-1 was discovered with oil layers 34 meters thick.

The drilling of LD27-1-1, undertaken wholly by CNOOC Ltd, started this July. Drilling tests in three oil layers produced a daily output of 179 barrels of crude oil.
The LD27-1-1 drilling tests prove that the LD27-1 oil field has a very significant oil discovery potential, said Zhang Guohua, Senior Vice President of CNOOC Ltd.

The company will drill new evaluation wells to make further assessments of the reserves and the commercial value of the oil field, he said.
CNOOC Ltd., which holds 100 % rights and interests in the oil field, will be the sole operator.

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