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| CNOOC |
Weizhou 10-5 Discovery Enhances Offshore Energy Potential
CNOOC Limited (SEHK: 00883 (HKD Counter), 80883 (RMB Counter), SSE: 600938) has announced a major breakthrough in the exploration of Paleozoic buried hills in the Beibu Gulf Basin. The discovery at the Weizhou 10-5 oil and gas field marks significant progress in offshore energy development.
The Weizhou 10-5 field, located in the Beibu Gulf of the South China Sea, has an average water depth of approximately 37 meters. Exploration well WZ10-5-1Sa encountered a 283-meter oil and gas pay zone, reaching a total drilled depth of about 4,840 meters. Test results indicate daily production rates of approximately 13.2 million cubic feet of natural gas and 800 barrels of crude oil. This discovery is a milestone in natural gas exploration within the granite buried hills of the Beibu Gulf Basin.
Expanding Offshore Exploration Prospects
Mr. Xu Changgui, Chief Geologist of CNOOC, highlighted the significance of this discovery, noting that the Weixinan Sag in the Beibu Gulf Basin is one of the most extensively explored sags in offshore China. He emphasized that recent advancements in reservoir formation theories and complex buried hill exploration technologies have played a crucial role in achieving this success. The discovery underscores the vast potential of buried hill exploration in the Beibu Gulf Basin and will guide further offshore exploration efforts in China.
Strengthening China’s Energy Security
CNOOC CEO Mr. Zhou Xinhuai stated that the company has made multiple large and medium-sized oil and gas discoveries in various offshore buried hills in recent years. These discoveries have significantly expanded CNOOC’s resource base, contributing to China’s energy stability. The success in the Beibu Gulf Basin is expected to support long-term economic and social development by bolstering domestic energy supply.
This milestone further strengthens CNOOC’s leadership in offshore oil and gas exploration, reinforcing the company’s commitment to advancing China’s energy security through innovative exploration strategies.
