China's CNOOC Makes 100 Million Ton Oilfield Discovery in South China Sea
03.08.2024 By Tank Terminals - NEWS

March 8, 2024 [Reuters]- Chinese state-owned oil and gas giant CNOOC Ltd (0883.HK), opens new tab has discovered a new reserve in the South China Sea containing over 100 million tons of oil equivalent proved in-place, the company said in a statement on Friday.


The reserve is located at CNOOC’s deepwater Kaiping South oilfield in the Pearl River Delta near Guangdong province, and contains light crude, the statement said.

CNOOC has invested heavily in developing China’s offshore oil and gas reserves as part of a broader push to offset declining output from aging onshore fields.

The company lifted its 2024 production target by about 8% to a record 700 million to 720 million barrels of oil equivalent. Domestic production, much of this offshore reserves in eastern China’s Bohai Sea and the South China Sea.


Free Trial: Access 13,300 Tank Terminal and Production Facilities

13,300 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

Oman Signs 10-Year LNG Supply Deal with Shell
04.17.2024 - NEWS
April 17, 2024 [Microsoft Start]- Oman LNG has signed a 10-year liquefied natural gas supply agre... Read More
Neuman & Esser to Build Green Hydrogen Plant in Chile
04.17.2024 - NEWS
April 17, 2024 [Gas Compression Magazine]- Neuman & Esser was awarded a contract from Empresa... Read More
Engie Buys Two Dutch Biogas Sites, Hunts for More
04.17.2024 - NEWS
April 17, 2024 [Reuters]- French energy company Engie (ENGIE.PA), opens new tab has acquired tw... Read More
Shell Named NanoVapor as Best Technology to Make a Tank Safe
04.17.2024 - NEWS
April 17, 2024 [Storage Terminals Magazine]- Shell Retail Engineering Network has recently implem... Read More