CNOOC Unlocks New Oil, Gas Discoveries in Bohai Bay

CNOOC has successfully drilled two new oil and gas discoveries -- Bozhong (BZ) 2-1 and Qinhuangdao (QHD) 29-2.

BZ 2-1 is located in the west of Bozhong Sag, about 6 kilometers southeast of BZ 3-2 oil field. The discovery well BZ 2-1-2 penetrated oil pay zones with total thickness of 50.9 meters. The well drilled to a total depth of 3,910 meters, with water depth of about 26 meters

The well was tested to flow at an average rate of 1,270 barrels of oil and 393 thousand cubic feet of natural gas per day via 11.91mm choke. BZ 2-1 is another breakthrough in Bozhong Sag since QHD 35-2, which was found last year. The new discovery further proved the exploration potential in Bozhong Sag.

Another new discovery QHD 29-2 is located in southeast of Qinnan Sag. The discovery well QHD 29-2-1 is located on QHD 29-2 structure, with a total depth of 3,991 meters. It encountered oil pay zones with total thickness of 34.7 meters and gas pay zones of 47.9 meters. The water depth averages approximately 27 meters.

The Company has carried out drill stem test for four layers, and the well flowed at an average rate of 3,930 barrels of oil and 15.2 million cubic feet of natural gas per day. This discovery stands as the Company's new footprint of exploration in Qinnan Sag.

Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, "These delightful results brought a brilliant start up for the Company's independent exploration activities in 2009. Both of the structures are on large scale with thick oil pays, and contain light crude. It is of the significance to improve the current heavy oil dominant asset profile in Bohai Bay."


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Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
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