BEIJING (Reuters) – The China Nationwide Offshore Oil Company (CNOOC) has found an oilfield within the South China Sea with confirmed reserves exceeding 100 million tonnes, Xinhua information company reported on Monday.
The newly discovered Huizhou 19-6 oilfield just isn’t in a disputed a part of the South China Sea and lies inside China’s Unique Financial Zone, which runs for 200 nautical miles or 370 km from its coast.
The oilfield, round 170 km (106 miles) off the coast of Shenzhen, sits at a mean water depth of 100 metres, the report stated, including that check drilling has yielded a day by day manufacturing of 413 barrels of crude oil and 68,000 cubic metres of pure fuel.
China Worldwide Honest for Commerce in Providers (CIFTIS) in Beijing
Huizhou 19-6 is China’s first large-scale built-in clastic oilfield within the deep to ultra-deep layers, the report stated.
Such reserves are difficult for oil and fuel exploration, given the excessive temperatures and pressures exerted at these depths.
China needs to scale back its import dependency to bolster its power safety, however its crude oil imports are anticipated to peak as early as subsequent 12 months as transport gasoline demand begins to say no for the world’s high oil purchaser.
(Reporting by Joe Money; Modifying by Kim Coghill and Sumana Nandy)