CNOOC Ltd. scored a major light crude oil discovery with its deepwater Kaiping South Field in the South China Sea.
The field, located in an average water depth of 500 m, holds 102 MMtons of oil equivalent proved in-place volume, CNOOC said.
The main oil-bearing plays are Zhuhai Formation, Enping Formation and Wenchang Formation of Paleogene. The discovery well KP18-1-1d was drilled and completed at a depth of 3,462 m and encountered 100.6 m of oil and gas pay zones. During well testing, it produced an average of 7,680 bbl/d of crude and 520,000 cf/d of gas.
"Kaiping South oilfield is China's first deepwater and deep-play oilfield with proved in-place volume over a hundred million tons. The discovery fully demonstrates the broad prospects for exploration in deepwater South China Sea," Xu Changgui, CNOOC’s deputy chief exploration officer, said in a press release.
CNOOC CEO and President Zhou Xinhuai said in a press release the company’s breakthroughs in oil and gas exploration in the eastern South China Sea are “building a new growth pole for offshore oil and gas production.”
Recommended Reading
Vår Energi Hits Oil with Ringhorne North
2024-04-17 - Vår Energi’s North Sea discovery de-risks drilling prospects in the area and could be tied back to Balder area infrastructure.
CNOOC Finds Light Crude at Kaiping South Field
2024-03-07 - The deepwater Kaiping South Field in the South China Sea holds at least 100 MMtons of oil equivalent.
CEO: Continental Adds Midland Basin Acreage, Explores Woodford, Barnett
2024-04-11 - Continental Resources is adding leases in Midland and Ector counties, Texas, as the private E&P hunts for drilling locations to explore. Continental is also testing deeper Barnett and Woodford intervals across its Permian footprint, CEO Doug Lawler said in an exclusive interview.
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
CNOOC Makes 100 MMton Oilfield Discovery in Bohai Sea
2024-03-18 - CNOOC said the Qinhuangdao 27-3 oilfield has been tested to produce approximately 742 bbl/d of oil from a single well.