China's CNOOC Discovers Massive Oilfield in Bohai Sea

CNOOC Ltd, China's leading offshore producer, announced a significant oilfield discovery in the Bohai Sea. The Qinhuangdao 29-6 oilfield is estimated to contain over 100 million tons of crude, or approximately 730 million barrels. This discovery is another significant find in the company's recent exploration efforts. The oil is classified as medium-heavy crude. This oilfield is the second of its size found in the Shijiutuo Uplift area. CNOOC is also developing the Kenli 10-2 oilfields, China's largest shallow lithological oilfield. This project will utilize numerous wells and is expected to reach peak production in 2026. China’s government mandates focus on boosting domestic oil and gas production to reduce reliance on imports. CNOOC achieved record production in recent years and projects continued growth. The company is also a partner in major offshore developments, like the Exxon-led consortium in Guyana. The company's production is expected to reach a record high in 2025.