Business / Economy

CNOOC makes breakthrough oil discovery

By DU JUAN ( Updated: 2014-03-19 20:44

China National Offshore Oil Corp, the largest offshore oil and gas developer in China, announced on Wednesday it recently made a midsized gas discovery, the first breakthrough in its independent deepwater exploration of Qiongdongnan Basin in the South China Sea.

The deepwater oil field, called Lingshui17-2, is located in the east Lingshui Sag of Qiongdongnan Basin with an average water depth of about 1,450 meters, according to the company.

The discovery well Lingshui17-2-1 was drilled and completed at a depth of 3,510 meters and uncovered a gas reservoir with a total thickness of about 55 meters.

The discovery has not only proven the exploration potential of the central Canyon channel of Lingshui Sag, but also further confirmed the exploration prospects in the deepwater area of Qiongdongnan Basin.

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