Wedoany.com Report-Dec.24, China National Offshore Oil Corporation (CNOOC) announced a major oilfield discovery at Qinhuangdao 29-6 in the shallow Neogene formations of the Bohai Sea. This achievement adds over a hundred million tons of oil equivalent in proved in-place volume.

The discovery marks the seventh consecutive hundred-million-tonne-class oilfield found in the Bohai Oilfield since 2019. The Bohai Oilfield remains China's largest crude oil production base.

Located in the central Bohai Sea, Qinhuangdao 29-6 is a large-scale lithological oilfield. It follows the earlier discovery of the Qinhuangdao 27-3 oilfield in the region and represents the second such field in the mature exploration area of the Shijiutuo Uplift.

The main oil-bearing play is the Neogene Minghuazhen Formation, characterized by shallow burial depth and medium-heavy crude oil properties.

The discovery well was drilled and completed at a depth of 1,688 meters, encountering a total of 66.7 meters of oil pay zones. Testing showed a single well producing approximately 2,560 barrels of crude oil per day (equivalent to about 370 tonnes per day), indicating strong exploration potential.

Mr. Xu Changgui, the Chief Geologist of the Company, said: "CNOOC Limited has made a significant discovery through enhanced research on hydrocarbon migration and accumulation models in shallow Neogene slope zones, coupled with technological innovation. This achievement challenges the conventional understanding that slope areas merely serve as pathways for hydrocarbons rather than sites for substantial accumulation."

This breakthrough highlights the value of fine exploration in mature areas and further consolidates the resource foundation for sustained reserves growth and production increases.

The find strengthens China's offshore oil and gas resource base, supporting stable energy supply and contributing to long-term national energy security.

CNOOC continues to focus on innovation in exploration theories and technologies to uncover new opportunities in offshore areas, enhancing overall production capacity.