CNOOC Makes Major Oil Discovery in South China Sea ...Middle East

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CNOOC Makes Major Oil Discovery in South China Sea
China’s CNOOC has announced a sizeable discovery offshore that could contain as much as 100 million tons of oil equivalent. The discovery was made in the South China Sea, in an already producing area of the Pearl River Delta, the company said, as quoted by Reuters. The resources in it are light crude. CNOOC, whose net oil and gas production hit an all-time high of 675 million barrels of oil equivalent in 2023, now aims at an output of between 700 million and 720 million barrels of oil equivalent this year as it significantly raised…

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