CNOOC Makes New Discovery in South China Sea

CNOOC Limited announced that its independent exploration program scored another success. It has made a new discovery, Wenchang 15-1, in the Pearl River Mouth Basin. It's the second significant discovery made in the area this year.

Wenchang 15-1 is located in the western part of the Pearl River Mouth Basin, the Western South China Sea. It is approximately 40 kilometers east of Wenchang 13-1 and Wenchang 13-2, both currently under development. Wenchang 15-1-1, the wildcat well spudded on July 15, 2001, encountered high hydrocarbon flow at the depth of 1,250 meters. The well on a 16 mm choke flowed 4,760 barrels of crude and 330 mcf gas daily. The crude is around API 35 degree of light gravity. The well touched down to 1,426 meters in 150 meters water depth.

Appraisal wells are needed to confirm the exact size of reserves. The well drilled encountered 40 feet net pay zone, and the structure covers 18.5 square km. Further appraised wells are planned for the area next year. "The success of the well suggests high exploration potential in the area. It's the second discovery made in the South China Sea this year. An earlier appraisal well, Weizhou 12-1N, confirmed a similar structure. They will help offset production decline in the area," noted Mr. Ru Ke, Executive Vice President and Chief Geologist of the Company. "Their proximity to producing areas indicates lower required capital expenditure and higher monetary values per boe produced. These are significant commercial discoveries."


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