BEIJING (Reuters) – Chinese state-owned oil and gas giant CNOOC (NYSE:) Ltd has discovered a new reserve in the South China Sea containing more than 100 million tonnes of oil equivalent confirmed in place, the company said in a statement on Friday. .
The reserve is located in CNOOC’s Kaiping South deepwater oil field in the Pearl River Delta near Guangdong province and contains light oil, the statement said.
CNOOC has invested heavily in developing China’s offshore oil and gas reserves as part of a broader effort to offset declining production from aging onshore fields.
The company raised its 2024 production target by about 8% to a record 700-720 million barrels of oil equivalent. Domestic production, most of which is in offshore reserves in the Bohai and South China Seas in eastern China.