Large oil &gas field discovered in China's Bohai Sea

The China National Offshore Oil Corporation (CNOOC) announced Wednesday that it had discovered a field in the Bohai Sea with estimated crude oil and natural gas reserves exceeding 100 million tonnes of oil equivalent.

Named Bozhong 26-6, the oilfield is located in the southern water of the Bohai Sea and about 170 kilometers away from north China's Tianjin Municipality, with an average water depth of 22.1 meters.

So far, the proven reserves of the oilfield have exceeded 130 million tonnes of oil equivalent. Based on the normal recovery ratio, more than 20 million tonnes of crude oil and over 9 billion cubic meters of natural gas can be produced.

The discovery is a significant breakthrough in the large-scale commercial discovery in buried-hill reservoirs of the southern Bohai Sea and showed a bright prospect of oil and gas exploration in the area, said Zhou Xinhuai, CEO of CNOOC.