China's CNOOC Makes Deepwater Gas Field Discovery In South China Sea
BEIJING, Sept 15 (Reuters) – China National Offshore Oil Corp (CNOOC) has made a deepwater gas field discovery in the northern part of the South China Sea, it said on Monday.
The offshore oil and gas specialist found a high volume of gas flows in the Lingshui 17-2 well in August, it said on its website.
Lingshui 17-2 gas well was tested to produce 56.5 million cubic feet of natural gas per day, the official Xinhua news agency said, quoting CNOOC manager Xie Yuhong.
However, analysts believe it may take a long time before the field can contribute to CNOOC's production.
"Despite the gas find, it may take at least four to five years from now before the field can contribute to domestic gas production due to a lack of existing infrastructure," said Gordon Kwan, head of regional energy research at Nomura.
"CNOOC is not likely to book any gas reserves at this stage because more deepwater delineation wells must be drilled to properly ascertain the economic attractiveness of the field."
Lingshui 17-2 is the first significant deepwater gas discovery made by semi-submersible rig CNOOC 981, which started operation in May 2012, CNOOC said.
The well is located 150 km (94 miles) south of China's southern Hainan Island, with an average operational depth 1,500 metres under the sea, Xinhua said.
(Reporting by Fayen Wong and Judy Hua in BEIJING, Florence Tan in SINGAPORE; Editing by Muralikumar Anantharaman and Alan Raybould)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- EIA Boosts USA Crude Oil Production Forecasts
- TotalEnergies to Acquire TLCS Eyeing Bayou Bend CCS Project
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension