The Chinese oil company CNOOC has announced the discovery of an over 100 Mtoe oil field in the Bohai Sea, off the coast of northern China. The discovery was made at the Qinhuangdao 27-3 oil field located in the north-central waters of the Bohai Sea. This announcement from CNOOC comes only days after the company announced the discovery of another oil and gas field of over 100 Mtoe in the South China Sea.
In addition, CNOOC announced the start-up of a natural gas processing terminal project for the Bohai field. The project, located in the city of Binzhou, in China's Shandong Province, has officially started supplying gas to surrounding areas. It is an onshore terminal supporting project for the Bozhong 19-6 Condensate Gas Field, with proven gas reserves of over 100 bcm in the Bohai Sea. The project is expected to process up to 1.3 bcm/year of natural gas.
China’s proved oil reserves were estimated at 3.5 Gt as of end-2022 (with a reserves/production ratio of 17 years), while proved reserves of conventional natural gas were estimated at nearly 2 900 bcm (14 years of production).