CNOOC Finds Another New Oil Deposit in Bohai Bay

CNOOC Limited said that it has made a new independent discovery, Bozhong (BZ) 28-2S, in the Bohai Bay with the completion of wildcat BZ 28-2S-1.

The discovery well BZ28-2S-1 is located on Structure BZ28-2S in the Yellow River Mouth Sag of central northern Bohai Bay. The well hit its target depth of 2,125 meters, with water depth of approximately 22 meters.

The drilling activities commenced in February 2006. The well penetrated oil pay zones with total thickness of 85 meters and gas sections of 8 meters thick.

Two drill stem tests were conducted over two intervals with a combined flow rate of approximately 1,900 barrels of oil and 2 million cubic feet of gas per day via 7.94-millimeter and 12.7-millimeter chokes, respectively. Further appraisal work will be conducted to evaluate the commercial value of the discovery.

"I am pleased to declare the exciting progress of our exploration in Bohai Bay," said Zhu Weilin, CNOOC's vice president and general manager of the company's exploration department. "It's initially estimated that BZ28-2S is one of the largest discoveries among those made in Bohai Bay in recent years."

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