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| China announces MASSIVE oil & gas discovery in Bohai Sea | China announces MASSIVE oil & gas discovery in Bohai Sea |
| (6 months later) | |
| China National Offshore Oil Corporation (CNOOC) revealed this week that its newly discovered oil and gas field in the Bohai Sea contains proven geological reserves of 100 million metric tons of oil and gas equivalent. | China National Offshore Oil Corporation (CNOOC) revealed this week that its newly discovered oil and gas field in the Bohai Sea contains proven geological reserves of 100 million metric tons of oil and gas equivalent. |
| That makes Bozhong 13-2 one of the biggest crude oil production bases in the country, according to the company. | That makes Bozhong 13-2 one of the biggest crude oil production bases in the country, according to the company. |
| The new field is located 140 kilometers off the coast of Tianjin at an average water depth of 23.2 meters, according to Zhou Xinhuai, general manager of the oil exploration department at CNOOC. The Bozhong 13-2-2 well, where the reserve was discovered, was drilled and completed at a depth of 5,223 meters, and encountered oil pay zones with a total thickness of approximately 346 meters. | The new field is located 140 kilometers off the coast of Tianjin at an average water depth of 23.2 meters, according to Zhou Xinhuai, general manager of the oil exploration department at CNOOC. The Bozhong 13-2-2 well, where the reserve was discovered, was drilled and completed at a depth of 5,223 meters, and encountered oil pay zones with a total thickness of approximately 346 meters. |
| The well was tested to produce an average of approximately 1,980 barrels of crude oil per day. The company expects daily crude oil and natural gas generation from the well to reach 300 tons and 150,000 cubic meters, Zhou was cited as saying by China Daily. | The well was tested to produce an average of approximately 1,980 barrels of crude oil per day. The company expects daily crude oil and natural gas generation from the well to reach 300 tons and 150,000 cubic meters, Zhou was cited as saying by China Daily. |
| The Bohai oilfield is likely to start production in 2023 and achieve a peak output of 1.2 million tons of oil equivalent. | The Bohai oilfield is likely to start production in 2023 and achieve a peak output of 1.2 million tons of oil equivalent. |
| According to industry experts, the Bohai Sea natural gas and oil discoveries will boost CNOOC's annual output to above 80 million tons of oil equivalent by 2025. | According to industry experts, the Bohai Sea natural gas and oil discoveries will boost CNOOC's annual output to above 80 million tons of oil equivalent by 2025. |
| The company said in 2019 that its Bohai discoveries contain 100 billion cubic meters of proven geological reserves of natural gas. It expects the increased capacity from the new finds to help meet the surging demand for natural gas in northern and eastern China and reduce the country's reliance on costly imports. | The company said in 2019 that its Bohai discoveries contain 100 billion cubic meters of proven geological reserves of natural gas. It expects the increased capacity from the new finds to help meet the surging demand for natural gas in northern and eastern China and reduce the country's reliance on costly imports. |
| China's natural gas production reached 188.8 billion cubic meters in 2020, up 9.8 percent on a yearly basis, according to data by the National Bureau of Statistics. Natural gas imports rose to 102 million cubic meters, up by 5.3 percent on a yearly basis. | China's natural gas production reached 188.8 billion cubic meters in 2020, up 9.8 percent on a yearly basis, according to data by the National Bureau of Statistics. Natural gas imports rose to 102 million cubic meters, up by 5.3 percent on a yearly basis. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
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