#China #Hong Kong #CNOOC Limited #South China Sea #Huizhou 19-6

CNOOC Limited's Oilfield Discovery in the South China Sea

In a remarkable announcement, CNOOC Limited has unveiled its latest discovery of the Huizhou 19-6 oilfield, situated in the deep waters of the South China Sea. This finding adds over a hundred million tons of in-place oil, marking a significant milestone for the company and the region's oil exploration sector.

Overview of the Discovery

The Huizhou 19-6 oilfield is located in the eastern part of the South China Sea, submerged at an average depth of about 100 meters. The main geological formations that host the oil are the Paleogene Enping Formation and the Wenchang Formation, which are known for their high-quality light crude oil.

The discovery well, HZ19-6-3, was successfully drilled to a depth of 5,415 meters, revealing a total of 127 meters of oil and gas pay zones. During testing, the well demonstrated impressive output, producing 413 barrels of crude oil alongside 2.41 million cubic feet of natural gas per day, further highlighting the potential of this newly discovered oilfield.

Significance of the Discovery

According to Mr. Xu Changgui, CNOOC's Chief Geologist, this discovery exemplifies the largest integrated clastic oilfield located in northern South China Sea as it relates to original oil in place. This breakthrough not only challenges traditional geological theories but also underscores the vast exploration potential that deep and ultra-deep plays possess in offshore China.

CNOOC's ongoing efforts in enhancing exploration theories and technologies have evidently borne fruit, as the company has diligently marketed its capabilities to tap into the promising resources hidden beneath the seabed. The enhancements in exploration strategies were pivotal in realizing this significant discovery and in establishing CNOOC Limited as a leader in offshore oil and gas exploration.

Company Leadership Remarks

CNOOC's CEO, Zhou Xinhuai, remarked on the company’s strategic focus on maximizing hydrocarbon exploration in the eastern South China Sea. The recent success reflects a consistent pattern of discovering oilfields with a hundred-million-ton capacity in this area over consecutive years. This new discovery serves as a catalyst for growth in offshore oil and gas production and strengthens the company's resource base to bolster its reserves and production capabilities.

CNOOC remains committed to further expansion in the oil and gas sector, reinforcing the company’s dedication to pursuing high-quality development and ensuring long-term sustainability in light of growing energy demands.

Conclusion

The discovery of the Huizhou 19-6 oilfield positions CNOOC Limited at the forefront of offshore oil exploration. As the company continues its expansion, it is poised to play a pivotal role in meeting future energy demands while addressing the challenges associated with environmental sustainability and economic fluctuations. This significant finding marks a new chapter in China's oil exploration history, heralding exciting opportunities and challenges in the years to come.

For further information about CNOOC Limited and its operations, please visit CNOOC's official website.