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Big Discovery: Chinese Company Reveals 100 Million Tons of Oil in South China Sea
Bisnis | Ekonomi - Posted on 09 March 2024 Reading time 5 minutes
DIGIVESTASI - Chinese oil and gas giant CNOOC Ltd. has discovered huge oil reserves in the South China Sea. The amount of oil found is undiminished and is equivalent to 100 million tons. The discovery took place in the Nankaiping oil field in the Pearl River Delta near Guangdong province and contains light crude oil, CNOOC said on Friday (March 8, 2024), citing Reuters.
It should be noted that CNOOC is also making huge investments in the development of China's offshore oil and gas reserves to compensate for declining production due to aging onshore oil fields.
In addition, CNOOC raised its 2024 production target by about 8% to 700-720 million barrels of oil equivalent, which is a record high. Most of China's oil and gas production comes from offshore reserves in eastern China's Bohai Sea and South China Sea.
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Source: cnbcindonesia.com
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