CNOOC has announced a significant discovery at the Qinhuangdao 27-3 oilfield in the Bohai Sea. 

The discovery is expected to contribute more than 100 million tons of oil equivalent to the company's proved in-place volume. 

Situated in the north-central waters of the Bohai Sea, the Qinhuangdao 27-3 oilfield has an average water depth of around 25m.  

The main oil-bearing formation is the Minghuazhen Formation of the Neogene period, containing medium-heavy crude oil.  

CNOOC drilled the discovery well, QHD27-3-3, to a depth of 1,570m and encountered 48.9m of oil pay zones.  

Testing of the field has shown that a single well can produce approximately 742 barrels of crude oil per day. 

Through continued exploration efforts, the proved in-place volume of the Qinhuangdao 27-3 oilfield has reached 104 million tons of oil equivalent.  

CNOOC deputy chief exploration officer Xu Changgui said: "Qinhuangdao 27-3 Oilfield is another major discovery with proved-in place volume over 100 million tons that we made in the north-central Bohai Sea in a decade.  

“The successful discovery of the oilfield further demonstrates the oil and gas exploration potential in the complicated strike-slip fault zones of the Bohai Sea." 

CNOOC CEO and president Zhou Xinhuai said: "Over the years, we have been continuing to make new discoveries in the Bohai Sea, which further expand the resource base for offshore oil production growth.  

“CNOOC will focus on increasing reserves and production, to enhance our energy supply capacity, thereby contributing to the sustainable development of the economy and society." 

This discovery follows CNOOC's recent announcement of a significant find at the Kaiping South oilfield in the South China Sea, which also added more than 100 million tons of oil equivalent to the company's reserves. 

The discovery well Kaiping South, KP18-1-1d, was drilled to a depth of 3,462m and revealed 100.6m of oil and gas pay zones.  

These oil discoveries come as CNOOC prepares to engage in discussions with Angolan authorities to explore new oil exploration opportunities in the Central African nation.