CNOOC, a Chinese company, discovers a 100 million ton oilfield in the South China Sea

Chinese state-owned oil and gas giant CNOOC Ltd (0883.HK) has announced a significant discovery in the South China Sea, with over 100 million tons of oil equivalent proved in-place. The reserve, located at the Kaiping South oilfield, contains light crude.

CNOOC aims to offset declining onshore field output by investing in offshore reserves, raising its 2024 production target to a record 700-720 million barrels of oil equivalent.