#China #Hong Kong #Natural Gas #CNOOC Limited #Beibu Gulf

CNOOC Limited's Exploration Breakthrough

CNOOC Limited recently unveiled a major achievement in the exploration of Paleozoic buried hills within the Beibu Gulf Basin. This significant discovery was made at the Weizhou 10-5 oil and gas field, situated in the South China Sea at an average water depth of around 37 meters.

The exploration well WZ10-5-1Sa penetrated a substantial oil and gas pay zone measuring 283 meters, reaching a total drilled depth of approximately 4,840 meters. Remarkably, the initial test results indicate a production capacity of about 13.2 million cubic feet of natural gas and 800 barrels of crude oil per day. This accomplishment represents a pivotal moment in the pursuit of natural gas within the comparatively untouched granite buried hills of the Beibu Gulf Basin.

Significant Insights and Implications

Chief Geologist Mr. Xu Changgui commented on the exploration, emphasizing the importance of the Weixinan Sag in the region, known for its extensive investigations by offshore drilling activities in China. Over the past few years, CNOOC has focused on enhancing its understanding of reservoir formation theories pertaining to the complex geology found in the buried hills, alongside developing relevant technological skills essential for such explorations.

This breakthrough not only highlights the vast potential of the Beibu Gulf’s geological formations but also serves as a beacon for guiding future explorations in similar offshore environments within China. Given that the region has seen various oil and gas discoveries in different types of buried structures, these advancements could facilitate enhanced energy security.

Economic Impact

Chief Executive Officer Mr. Zhou Xinhuai remarked on the broader implications of these discoveries, noting how CNOOC’s recent finds of large and medium-sized oil and gas deposits contribute to expanding the company's resource pool. This new discovery in the Beibu Gulf Basin is expected to play a crucial role in stabilizing energy supply and fostering economic and social growth in China.

In summary, CNOOC's recent breakthroughs in the Beibu Gulf Basin underscore not only the firm’s commitment to exploring oil and gas reserves but also its significant contribution to the energy landscape within and beyond China's shores. As the company continues to innovate and refine its exploration techniques, the potential for discovering additional natural resources remains promising for the future.