The China National Offshore Oil Corporation (CNOOC), China's largest offshore oil producer, said Tuesday the Penglai 9-1 oilfield in east China's Bohai Sea is the largest oilfield found in the region in recent years.
CNOOC made the announcement after tests it conducted showed that one of the appraisal wells in the oilfield produced about 700 barrels of crude oil a day.
The oilfield is located in the eastern part of the Bohai Sea, where the average water depth is about 25 meters. CNOOC discovered the oilfield in 2010.
Li Fanrong, CNOOC's CEO, said the successful appraisal of the oilfield will propel a new phase of exploration and development in the eastern part of the Bohai Sea. He also said it will make a major contribution toward the stable and increasing oil output of the region.
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