THE China National Offshore Oil Corp (CNOOC), a state-owned oil and gas giant, said it has discovered a vast deep-water reserve in the South China Sea, with more than 100 million tons of proven oil equivalent, reports Caixin.
The reserve is located in CNOOC's Kaiping South oilfield, 300 kilometres off the coast of Guangdong province. It contains mainly light crude with an average water depth of about 500 metres, according to the company.
Kaiping South oilfield is China's first deep-water and deep-play oilfield with proven in-place volume of more than 100 million tons, said CNOOC's deputy chief exploration officer Xu Changgui.
SeaNews Turkey
The reserve is located in CNOOC's Kaiping South oilfield, 300 kilometres off the coast of Guangdong province. It contains mainly light crude with an average water depth of about 500 metres, according to the company.
Kaiping South oilfield is China's first deep-water and deep-play oilfield with proven in-place volume of more than 100 million tons, said CNOOC's deputy chief exploration officer Xu Changgui.
SeaNews Turkey
