CNOOC Announces Major Exploration Breakthrough in Bohai Bay Producing 210 Cubic Meters of Oil and 1 Million Cubic Meters of Gas

Jul 17, 2024, 03:00 AM

China's state-owned oil and gas firm CNOOC announced on Monday a significant exploration breakthrough in Bohai Bay. The discovery well was tested to produce approximately 210 cubic meters of crude oil and nearly 1 million cubic meters of natural gas daily. This achievement marks a milestone in medium-to-deep Mesozoic plays offshore China. Following the announcement, CNOOC's share prices edged up by 0.59% during morning trading on Tuesday at the A-share market. Additionally, Bohai Oilfield set a new offshore gas output record with its 4,400-meter-deep LK7-1-1 well.