China’s oil major CNOOC Limited said on Wednesday it has discovered an oilfield with proved in-place volumes exceeding 100 million tons of oil equivalent in its second big find in the central Bohai Sea.

The discovery in a shallow slope zone highlights “considerable exploration potential” for other similar zones, which have typically not been seen as likely to hold major accumulations of oil and gas, CNOOC said.

The Qinhuangdao 29-6 find holds medium-heavy crude and is the second 100-million-ton-class oilfield found in the mature Shijiutuo Uplift area, the company said.

“This achievement challenges the conventional understanding that slope areas merely serve as pathways for hydrocarbons rather than sites for substantial accumulation,” Xu Changgui, the company’s chief geologist, said.

The discovery well was drilled to 1,688 metres (5,538 ft) deep, which encountered a total of 66.7 metres oil pay zones. A well test produced about 2,560 barrels of oil per day, the company said.
Source: Reuters