The Chinese company CNOOC announced its discovery of the second largest huge oil discovery, within a period of only 10 days, as it intensified its investments to develop offshore oil and gas reserves in China. The Chinese Oil and Gas Company announced its discovery of an oil field in the Bohai Sea, in addition to more than 100 million tons of oil. The equivalent of quantities whose existence is proven.

The discovery comes from the "Qinhuangdao 3-27" oil field, which is located in the north-central waters of the Bohai Sea, and the average depth of the water is about 25 metres. During the month of March, the "CNOOC" company announced the discovery of huge oil located in the South China Sea, which adds more Of another 100 million tons of oil equivalent.

Several exploratory wells were drilled, including the “QHD” field, and it was completed at a depth of 1,570 meters, where a rich layer of oil with a thickness of 48.9 meters was found. The Chinese company stated on March 18, 2024 that the field was tested to produce about 742 barrels of crude oil per day from one well. .

The actual size of the 3-27 oil field reached 104 million tons of oil equivalent, and Xu Shangwei, Executive Vice President of Exploration at CNOOC, announced that the field is considered another major discovery with a proven volume of more than 100 million tons, and this was made in north-central Bohai Sea over a decade.

The discovery of the oil field allowed exploration for oil and gas in complex fault zones in the Bohai Sea, and the CEO of the Chinese company stated that new discoveries had been made in the Bohai Sea, which further expanded the resource base for the growth of marine oil production.

The Chinese company will work to increase reserves, enhance energy supplies, and participate in the sustainable development of the economy and society. On March 8, 2024, the Chinese company indicated the company’s success in making a new oil discovery in the eastern South China Sea, and the discovery contains more than 100 million tons of proven oil equivalent, The discovery is located in the deep Kaiping South oil field and contains light crude. The well was drilled by KPD at a depth of 3462 meters and encountered an oil-rich layer with a thickness of 100.6 metres. The well was tested with the aim of producing an average of 7680 barrels of crude oil and 0 52 million cubic feet of natural gas per day.

The actual size of the "Kaiping" field reached 102 million tons of oil equivalent. The field was described as the first deep-water oil field in China, and its actual size reached about more than 100 million tons, which is a strong addition to strengthening China's oil reserves.

During January, CNOOC reduced its production target for 2024 to about 8%, citing the rise in annual capital spending, especially with production reaching about 675 million barrels of oil equivalent during 2023.

On March 17, 2024, the Angolan Ministry of Oil and Gas indicated that CNOOC would send a group of executive officials with the aim of holding talks on oil exploration in the country.

It is expected that a delegation from the Chinese company led by “Chairman of the Company CNOOC International” will go to Angola. To begin discussions about Block 24 and other oil exploration opportunities, this was done after a meeting between the Angolan Oil Minister and a delegation from the Chinese Oil and Gas Company.