CNOOC: new oil discovery in Bohai Bay

Updated: 2010-04-20 10:31
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BEIJING: China National Offshore Oil Company Limited (CNOOC Ltd), China's largest offshore oil and gas producer, announced Monday that the company had made a new oil discovery in East China's Bohai Bay.

The Penglai (PL) 9-1 well, at a depth of about 29 meters, yielded 540 barrels of crude oil a day during test drilling, said a report posted on the company's website.

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The company sank the well 1,505 meters deep and hit an oil-bearing layer 77 meters thick.

Zhu Weilin, executive vice president of the CNOOC Ltd, said the well could be another significant discovery in the Bohai Bay.

CNOOC Ltd, a listed subsidiary of China National Offshore Oil Corporation (CNOOC), produced 227.7 million barrels of oil equivalent in 2009.