(Oil Price)– CNOOC Ltd, China’s top offshore crude oil and natural gas producer, has announced the discovery of a major new oilfield in the Bohai Sea.
The Qinhuangdao 29-6 discovery in the shallow Neogene formations of the Bohai Sea is yet another oilfield estimated to hold more than 100 million tons of crude, or about 730 million barrels, and discovered by CNOOC recently, the company said.
Through continued exploration, the proved in-place volume of Qinhuangdao 29-6 Oilfield has exceeded 100 million tons of oil equivalent.
The oil property of the major new discovery is medium-heavy crude, the Chinese major added.
The Qinhuangdao 29-6 Oilfield is the second one-hundred-million-ton-class lithological oilfield discovered in the mature exploration area of the Shijiutuo Uplift, CNOOC said. This further highlights the value of exploration and consolidates the resource base for increasing CNOOC’s reserves and production, according to the company.
In the middle of 2025, CNOOC launched production of heavy crude from its Kenli 10-2 Oilfields Development Project, which is the largest shallow lithological oilfield offshore China.
The project in the southern Bohai Sea will see 79 development wells commissioned, including 33 cold recovery wells, 24 thermal recovery wells, 21 water injection wells, and 1 water source well.
CNOOC expects the project to achieve peak production of about 19,400 barrels of oil equivalent per day (boepd) in 2026.
Similarly to all other state majors in China, CNOOC is boosting domestic oil and gas production and exploration per orders by the Chinese authorities who seek to reduce China’s dependence on imported oil and gas.
CNOOC has managed to post record high production in recent years, with an all-time high output in 2024, and another record-high expected for 2025.
Outside China, CNOOC is a minority partner in many major offshore developments, including in the Exxon-led consortium that has found more than 11 billion barrels of oil equivalents offshore Guyana and is currently the only producing consortium in the South American country.
By Tsvetana Paraskova for Oilprice.com
