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CNOOC drills new discovery

CNOOC Ltd, China's dominant offshore oil producer, has successfully drilled a new discovery in northeast China, the company said in a statement yesterday.

The Jinzhou 20-2N discovery is located in shallow waters off Liaodong Bay in Bohai Gulf, CNOOC said. One well, JZ 20-2N-1, was tested to flow at an average rate of 1,900 barrels of oil and 3.45 million cubic feet of natural gas per day.

Mirae Asset Securities analyst Gordon Kwan said the preliminary well tests are encouraging, but CNOOC must conduct more appraisal drilling to determine the discovery's reserve scale and its commercial viability.

CNOOC, the listed unit of China National Offshore Oil Corp, aims to develop the Bohai field into China's second-largest field by next year when annual oil and gas output is expected to rise to 30 million tons of oil equivalent.

Separately, Sinopec said yesterday it pumped 13.84 million tons of crude oil in Shengli, China's No. 2 oil field now, in Shandong Province in the first half. That was up 12,000 tons from a year earlier, and the highest since 1998. Shengli's output was 27.74 million tons last year.

PetroChina's Daqing oil field, in northeast Heilongjiang Province, is China's largest, producing 40.2 million tons last year. But Daqing's annual output has been declining for several years.


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