Jakarta –
A major oil and gas company from China, CNOOC Ltd (0883.HK) discovered new reserves in the South China Sea containing more than 100 million tons of oil equivalent.
Quoted from ReutersSaturday (9/3/2024), the reserves are located in CNOOC’s South Kaiping oil area, precisely in the Pearl River Delta near Guangdong province.
CNOOC invests heavily in developing China’s offshore oil and gas reserves. With this finding, the company’s oil reserves will certainly increase.
The investment was made as part of a broader effort to offset production declines due to aging onshore oil refineries.
The company raised its 2024 production target by about 8% to a record 700 million to 720 million barrels of oil equivalent. Domestic production, mostly from reserves in eastern China’s Bohai Sea and the South China Sea.
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2024-03-09 08:30:20
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