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China National Offshore Oil Corporation (CNOOC) revealed last week that the South Kaiping field hosts estimated reserves of 745 million barrels of deepwater oil equivalent. This large deposit, called Kaiping Nan, is located in the Pearl River delta basin in the South China Sea, about 300 km from Shenzhen, with depths ranging from 500 meters to a maximum point of 4,831 meters.
Liu Jun, a geologist with CNOOC’s Shenzhen subsidiary, said the area presents significant geological challenges, including numerous faults, which led to a reevaluation of seismic data to identify areas with high potential for hydrocarbon accumulation.
China and the search for deepwater oil
In the search for oil in Kaiping Nan, CNOOC has drilled several exploratory wells since 2023, achieving promising results in four of them, which showed high-yield oil flows.
In this regard, Zhou Xinhuai, chief executive officer and president of CNOOC said that although China’s deepwater exploration is in its infancy, it represents a crucial area for future growth in oil and gas reserves and production.
It is important to mention that in 2023 the Asian country registered record oil and gas production.The company’s production of crude oil exceeded 208 million tons, an increase of 1.46% over the previous year, and marine oil production increased significantly, reaching 62 million tons.
This discovery underscores China’s commitment to expanding its energy capacity and its position as an emerging leader in deepwater exploration, promising to strengthen the country’s energy security and economic development.
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Source: elperiodicodelaenergia.com
