The Chinese oil and gas company CNOOC has made a significant natural gas discovery in the western South China Sea. The discovered Lingshui 36-1 gas field has been tested by CNOOC to produce more than 10 mcm/d (3.65 bcm/year). The ultra-deep gas field lies in an average water depth of approximately 1,500 m.
According to CNOOC, the South China Sea is a major region for the Company to boost its natural gas reserves and production, and the successful testing of Lingshui 36-1 further expands the resource base for the development of a 1,000 bcm gas region in South China Sea.
In March 2024, CNOOC made two significant discoveries, each holding more than 100 Mt of oil and gas. CNOOC’s net proved reserves stood at about 6,780 mboe at the end of 2023, up from 6,240 mboe in 2022 (+8.7%). The company’s oil and gas output reached 678 mboe in 2023, an 8.7% increase compared to 2022. CNOOC announced a net production target for 2024 of 700 to 720 mboe, of which production from China will account for 69% and production from overseas 31%.