CNOOC Discovers New Bohai Bay Oil Reserves

The China National Offshore Oil Corporation (CNOOC) announced the discovery of 200 million cubic meters of oil in Bohai Bay this year, China View reports. CNOOC made the announcement after the discovery of the Jinxian (JX) 1-1 high yield oil-bearing structure while drilling the JX1-1-2D well in Liaodong Bay, in the eastern part of Bohai Bay. So far, CNOOC has made eight new discoveries in Bohai Bay with an estimated oil reserve of 200 million cubic meters and gas reserve of 1.5 billion cubic meters, according to the report. The discoveries make it possible for the Bohai Bay to turn out 30 million cubic meters of oil by 2010. Additionally, Bohai Bay produced 14 million cubic meters of oil and gas this year, becoming China’s third largest oilfield. Source: China View