CNOOC Discovers Deep-Water Gas in Bohai Bay

CNOOC Discovers Deep-Water Gas in Bohai Bay

BEIJING - China National Offshore Oil Corp., known as CNOOC, said Thursday that it has discovered natural gas at a deep-water well after drilling more than 5,000 meters in northeastern Bohai Bay.

This is the first deep-water gas discovery in Bohai Bay, it said in a statement on its website, adding that it was a "technological breakthrough." The company didn't mention the volume of the discovery.

Five offshore oil discoveries were made in Bohai in the first three months of this year and the area will remain the company's major growth engine in the future, CNOOC Ltd. Chief Financial Officer Zhong Hua said in April.

CNOOC Discovers Deep-Water Gas in Bohai Bay

Copyright (c) 2012 Dow Jones & Company, Inc.


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