China National Offshore Oil Corp. Ltd. (CNOOC) announced Wednesday that the company has made a mid-sized oil discovery at Lufeng14-4 in the Eastern South China Sea, offshore China.
The Lufeng14-4 structure, located in Lufeng Sag in the Pearl River Mouth Basin of the South China Sea, lies in average water depth of 475 feet (145 meters).
The Lufeng14-4-1 exploration well, drilled and completed at a depth of 13,444 feet (4,098 meters), encountered oil pay zones with a total thickness of approximately 492 feet (150 meters). CNOOC revealed that test at the well produced around 1,320 barrels per day of oil.
"The successful exploration of Lufeng14-4 demonstrated the Company’s remarkable breakthrough in the exploration area of the Paleogene System, and further proved the huge exploration potential of the Paleogene System in the Pearl River Mouth Basin," the company said in a press release.
The Chinese state-owned oil and gas firm has reported a series of exploration success in recent months, with the latest being a mid-to-large oil and gas discovery at Jinzhou 23-2-3 well in the Jinzhou 23-2 structure late last month.
Earlier in September, CNOOC struck gas at Lingshui 17-2 well -- drilled by China's first deepwater semisub Hai Yang Shi You 981 or HYSY981 (UDW semisub) -- in the northern part of the South China Sea, 94 miles south of China's southern Hainan Island.
Higher domestic energy consumption has prompted China to step up exploration activity to extract petroleum resources in the country. In this connection, CNOOC issued an invitation Sept. 11 for foreign companies to bid for 33 exploration blocks, with the tender closing April 30, 2015.
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