CNOOC makes “major exploration breakthrough” in Bohai Bay with record-breaking

(WO) – CNOOC Limited has achieved a “major exploration breakthrough” in Mesozoic buried hill in the Bohai Bay with a new oil and gas discovery offshore China.

The Longkou 7-1 oil field is located in the eastern Bohai Bay, with an average water depth of about 26 m. The LK7-1-1 exploration well was drilled and completed at a depth of approximately 4,400 m, which encountered a total of 76 m oil and gas pay zones. The well was tested to produce about 210 cubic meters of crude oil and nearly 1 MMcmgd, a new record for natural gas tested productivity in Bohai Bay.

Xu Changgui, Deputy Chief Exploration Officer of the Company, said, “In recent years, we have continued to make new discoveries in metamorphic buried hills medium-to-deep plays in Bohai Bay. The successful well demonstrates the broad exploration prospect in Mesozoic volcanic rocks in Bohai Bay. It also testifies to the progress in the Company’s understanding and technological capabilities in tapping resources in medium-to-deep plays. The expertise we gained will guide our exploration in similar plays offshore China.”

Mr. Zhou Xinhuai, CEO and President of the Company, said, “We will ramp up our efforts in oil and gas exploration and development, to lay a solid foundation for stable supply of energy to the society and for the high-quality development of the Company.”