CNOOC has announced  that the Company has made a major oilfield discovery of Qinhuangdao 27-3 in Bohai Sea, which adds over a hundred million tons of oil equivalent proved in-place volume.

Qinhuangdao 27-3 Oilfield is located in the north-central waters of the Bohai Sea, with an average water depth of approximately 25 meters. The main oil-bearing play is the Minghuazhen Formation of Neogene, and the oil property is medium-heavy crude. The discovery well QHD27-3-3 was drilled and completed at a depth of 1,570 meters, which encountered a total of 48.9 meters oil pay zones. The field has been tested to produce approximately 742 barrels of crude oil per day from a single well. Through continued exploration, the proved in-place volume of Qinhuangdao 27-3 Oilfield has reached 104 million tons of oil equivalent.

Mr. Xu Changgui, Deputy Chief Exploration Officer of the Company, said, 
“Qinhuangdao 27-3 Oilfield is another major discovery with proved-in place volume over 100 million tons that we made in the north-central Bohai Sea in a decade. The successful discovery of the oilfield further demonstrates the oil and gas exploration potential in the complicated strike-slip fault zones of the Bohai Sea.”

Mr. Zhou Xinhuai, CEO and President of the Company, said, 
“Over the years, we have been continuing to make new discoveries in the Bohai Sea, which further expand the resource base for offshore oil production growth. CNOOC Limited will focus on increasing reserves and production, to enhance our energy supply capacity, thereby contributing to the sustainable development of the economy and society.”