CNOOC discovers over 100 million tons of oil in South China Sea's Kaiping South oilfield.

Chinese state-owned oil company CNOOC has discovered a new oilfield in the South China Sea containing over 100 million tons of oil equivalent. The Kaiping South oilfield, located near Guangdong province, contains light crude oil and has increased CNOOC's 2024 production target by 8%. The company has been investing heavily in developing China's offshore oil and gas reserves to offset declining output from aging onshore fields.

March 07, 2024
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