China Discovers Giant Oil Field With 100 Million Tons In Reserves

The Oil Field Discovered By The State-Owned China National Offshore Oil Corporation (CNOOC) In The Yellow Sea Could Provide Up To 11 Thousand Barrels Per Day By 2022

The state-owned China National Offshore Oil Corporation (CNOOC) announced last Thursday (09/30) the discovery of a gigantic oil field in the Bohai Bay, northwest of the Yellow Sea. The Bohai economic region, located in northeastern China, is considered one of the main oil and gas producing territories for the Chinese company.

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The oil reservoir is located in an area with an average water depth of 15.7 meters. The company successfully drilled a well 1,520 meters deep on the seabed, penetrating oil layers approximately 27 meters thick.

“THE DISCOVERED WELL KENLI 10-2-4 WAS DRILLED AND COMPLETED AT A DEPTH OF 1,520 METERS AND ENCOUNTERED OIL ZONES WITH A TOTAL THICKNESS OF APPROXIMATELY 27 METERS. THE EVALUATION WELL WAS TESTED TO PRODUCE APPROXIMATELY 569 BARRELS OF OIL PER DAY,” SAID CNOOC IN A NOTE REPORTED BY ASIAN OIL & GAS PORTAL.

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It Is Estimated To Contain About 100 Million Tons of Oil Reserves

During the initial tests, a flow of crude oil was achieved, and it is estimated to contain about 100 million tons in reserves.

According to experts, production will peak at 11 thousand barrels per day next year, says Market Watch. Overall, reserves from the field may reach 100 million tons of oil.

The manager of CNOOC’s Exploration Department, Xu Changgui, stated that the discovery “demonstrates the broad prospects for exploring lithological structures in Bohai and is of great importance as a guide for exploration in similar basins.”

Founded in 1982, CNOOC is China’s third-largest oil company, after CNPC and Sinopec. The Beijing-based company is involved in offshore oil and gas production, refining, and marketing.

Proposal for Albacora and Albacora Leste Oil Fields from Petrobras Reaches US$ 4 Billion

Petrobras announced in a relevant fact last Thursday, confirming reports in the press that it received binding billion-dollar offers from the consortia PetroRio/Cobra and EIG Global Energy Partners/Enauta/3R Petroleum for the acquisition of Albacora and Albacora Leste fields in the Campos Basin.

According to the company, the offers could exceed US$ 4 billion for both fields. The company also stated that it is analyzing the proposals, following the project’s evaluation criteria and considering all value components and other conditions, including firm payments, contingencies, and other relevant contractual points.

According to Petrobras, the start of the negotiation phase will be submitted to the approval of the executive board of the state-owned company, after the completion of the analysis of the offers. “The company clarifies that the completion of the transaction will depend on the outcome of the negotiations, as well as the necessary corporate approvals,” the statement reads.