#China #CNOOC Limited #Bohai Sea #OIlfield Discovery

CNOOC Limited's Major Oil Discovery in Bohai Sea

CNOOC Limited has recently announced a groundbreaking discovery of an oilfield in the Bohai Sea named Qinhuangdao 29-6. This significant find, totaling over a hundred million tons of oil equivalent, highlights the company's ongoing commitment to exploration and innovation in the energy sector.

Discovery Details

The Qinhuangdao 29-6 Oilfield is situated in the central region of the Bohai Sea, primarily within the Neogene Minghuazhen Formation. This particular formation is noted for its shallow burial depth and the medium-heavy crude oil it produces. The exploratory well drilled to mark this discovery reached a depth of 1,688 meters, revealing a remarkable 66.7 meters of oil pay zones. The well was successfully tested, yielding approximately 2,560 barrels of crude oil per day, indicating the field's lucrative potential.

Mr. Xu Changgui, the Chief Geologist at CNOOC, emphasized the significance of this discovery, attributing it to advanced research on hydrocarbon migration and accumulation models. He explained that this achievement defies the traditional viewpoint of slope areas merely acting as pathways for hydrocarbons, suggesting instead that they can also serve as significant sites for accumulation. This insight could pave the way for further exploration into uplifted peripheral slopes that have been subject to intense geological movements.

Implications and Future Exploration

The Qinhuangdao 29-6 discovery marks the second oilfield in the hundred-million-ton category found in the well-explored Shijiutuo Uplift area. This reinforces the critical value of fine exploration work, which is essential for consolidating resource bases that bolster both reserves and production capabilities within CNOOC Limited.

In light of global energy demands, such discoveries are vital strategically and economically. The newfound resource enhances CNOOC's competitive edge and addresses the growing need for sustainable energy sources. Coupled with ongoing research and technological advancements, CNOOC is well-positioned to maximize its exploration efforts.

As global markets experience fluctuations influenced by various factors, including environmental policies and market dynamics, CNOOC's latest discovery could play a crucial role in stabilizing its resources and adapting to changes. The corporation's confident approach, rooted in scientific exploration and innovation, will undoubtedly contribute to its ongoing success in the oil and gas industry.

In conclusion, the discovery of the Qinhuangdao 29-6 Oilfield represents a significant milestone for CNOOC Limited, encapsulating the spirit of exploration and the pursuit of energy security. Moving forward, stakeholders will be closely monitoring the developments as CNOOC continues to leverage its expertise and commitment to lead the energy sector into the future.

For more information about the company and potential investment opportunities, please visit CNOOC Limited's website.