The Chinese state-owned oil company CNOOC has announced the discovery of a large gas field in the South China Sea, with reserves of over 100 bcm. The Lingshui 36-1 gas field, touted by CNOOC as the world's first large-size ultra-shallow gas field in ultra-deep water, is located south of China’s Hainan Province, at an average water depth of about 1,500 meters, with the average buried depth of the gas layer at 210 meters. The field was previously tested by CNOOC to produce more than 10 mcm/d (3.65 bcm/year).
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%.