New oil & gas field found in South China Sea

State-owned offshore oil and gas producer China National Offshore Oil Corp said Thursday that the company has discovered the first deep-water deep-stratum large gas field in the South China Sea.

The Baodao 21-1 Gas Field, located in Qiongdongnan Basin, has a proven in-place of natural gas and condensate oil at over 50 billion cubic meters and 3 million cubic meters respectively, said the company. 

Baodao 21-1 gas field will lay a solid foundation for the construction of a gas production base of trillion cubic meters resources in the South China Sea. The review and filing once again confirmed the exploration potential of this structure, said the company.

"Exploration has always been a priority for CNOOC and we have accelerated the pace to explore the deep waters, targeting the discovery of large and medium-sized oil and gas fields," said Zhou Xinhuai, chief executive officer of CNOOC Limited.

"CNOOC has always emphasized geological theory and technological researches to make breakthroughs and to bolster our efforts in reserves and production growth."