AsianFin -- China National Offshore Oil Corporation (CNOOC) has discovered a major oilfield in the South China Sea with proven reserves exceeding 100 million tonnes, state media Xinhua reported on Monday.
The newly identified Huizhou 19-6 oilfield lies within China’s Exclusive Economic Zone, about 170 kilometers (106 miles) off the coast of Shenzhen, at an average water depth of 100 meters. Test drilling has yielded a daily output of 413 barrels of crude oil and 68,000 cubic meters of natural gas.
According to the report, Huizhou 19-6 is China’s first large-scale integrated clastic oilfield found in deep to ultra-deep layers, posing technical challenges due to high temperatures and pressures at such depths.
As China seeks to enhance its energy security and reduce import dependence, its crude oil imports are projected to peak as early as next year, driven by a slowdown in transport fuel demand in the world's largest oil-importing nation.
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