China announces major oil, natural gas deposit reserve discovery in Beibu Gulf Basin
The well can produce approximately 13.2 million cubic feet of natural gas per day.
China’s state-owned oil and gas company has announced a major hydrocarbon discovery breakthrough in the exploration of Paleozoic buried hills in the Beibu Gulf Basin.
The China National Offshore Oil Corporation (CNOOC) made the announcement on Thursday.
The breakthrough came after drilling was done to a total depth of about 15,879 feet (4,840 meters) in an area with an average water depth of about 121 feet (37 meters).
The company’s exploration initiative struck upon a crude oil and natural gas pay zone of 928 feet (283 meters), as per the press release.
The state-owned company claims to be the largest offshore producer of petroleum and natural gas.