China’s largest and deepest offshore gas field has shipped its 100th cargo of condensate, China National Offshore Oil Corporation (CNOOC), China’s top offshore crude oil and natural gas producer, said on Friday.
Production of the first phase of the gas field, Deep Sea No. 1, began in 2021, with the second development phase commencing in 2025, said the company quoted by Chinese state news agency Xinhua.
In 2025, total oil and gas output at Deep Sea No. 1 topped 4.5 million tons of oil equivalent, which would be comparable to production from a medium-sized onshore oilfield.
Deep Sea No. 1, China’s deepest offshore gas development, currently produces 15 million cubic meters of natural gas and more than 1,600 tons of condensate per day.
Its operator, CNOOC, earlier this week announced the discovery of a major new oilfield in the Bohai Sea.
The Qinhuangdao 29-6 discovery in the shallow Neogene formations of the Bohai Sea is yet another oilfield estimated to hold more than 100 million tons of crude, or about 730 million barrels, and discovered by CNOOC recently, the company said.
Through continued exploration, the proved in-place volume of Qinhuangdao 29-6 Oilfield has exceeded 100 million tons of oil equivalent.
The oil property of the major new discovery is medium-heavy crude, the Chinese major added.
Similarly to all other state majors in China, CNOOC is boosting domestic oil and gas production and exploration per orders by the Chinese authorities who seek to reduce China’s dependence on imported oil and gas.
CNOOC has managed to post record high production in recent years, with an all-time high output in 2024, and another record-high expected for 2025.
Outside China, CNOOC is a minority partner in many major offshore developments, including in the Exxon-led consortium that has found more than 11 billion barrels of oil equivalents offshore Guyana and is currently the only producing consortium in the South American country.
By Tsvetana Paraskova for Oilprice.com
More Top Reads From Oilprice.com
- Three Russian Oil Tankers Sail to Reliance Refinery
- Ørsted Sues Trump Administration Over Project Suspension
- Nigeria’s NNPC Boosts Oil Production to 1.6 Million Bpd
