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CNOOC makes oil findings in South China Sea China National Offshore Oil Corporation (CNOOC) Limited announced Wednesday that a wildcat drilled on Huizhou 26-3 in the Pearl River Mouth Basin of South China Sea was successful. Huizhou 26-3 is located in the Huizhou trough in the eastern South China Sea, about 170 kilometers southeast of Hong Kong. It was drilled to a total depth of 3,780 meters in 110 meters water depth. Drill stem tests on a 7.94 millimeters choke flowed over 1, 400 barrels of 41-43 degree of light gravity crude and nearly 2 million cubic feet gas per day. Zhang Guohua, senior vice president of exploration said, "positive exploration results through independent activities in the area will help maintain the eastern South China Sea as a core production basin for CNOOC. Successes of this nature fuels further exploration interests in the area." Incorporated in Hong Kong in August 1999, CNOOC Limited is the dominant producer of crude oil and natural gas offshore China. It is also one of the largest independent crude oil and gas exploration and production companies in the world. |
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