China discovered an oilfield in the Bohai Sea with proven oil reserves of 104 million tonnes, the state-run Xinhua news agency announced on Tuesday.
Citing the country’s national oil giant, China National Offshore Oil Corporation (CNOOC), the news agency reported that the discovery was made at the Qinhuangdao 27-3 oilfield, which is located some 200 kilometers from China's Tianjin municipality.
The discovered oilfield boasts an average water depth of 25 meters. The daily crude oil output of a single well is estimated to be in the region of 110 tonnes, according to the company's assessment.
The discovery is the sixth with reserves of over 100 million tonnes found in the Bohai Sea since 2019, demonstrating the broad prospects of oil and gas exploration in this offshore region, according to CNOOC.
Earlier in March, CNOOC made an oilfield discovery with a volume of 100 million tonnes in the eastern South China Sea, the company announced on Friday.
CNOOC aims to produce 700 to 720 million barrels of oil equivalent in 2024, 69% of which will derive from China and the remainder from overseas operations.
Reporting by Emre Aytekin in Beijing
Writing by Handan Kazanci
Anadolu Agency
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