Xinhua said the Huizhou 19-6 oilfield was about 170 kilometres (100 miles) from Shenzhen in south China's Guangdong Province.
The US Energy Information Administration says the South China Sea is mostly underexplored because of territorial disputes, but most discovered oil and gas are in uncontested areas.
China claims almost all of the South China Sea as its own, but this is disputed by the Philippines, Malaysia, Vietnam, Indonesia and Brunei.
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