CNOOC Ltd Finds New Oil Deposit in Bohai Bay Again

abarrelfullabarrelfull wrote on 27 Aug 2014 12:29

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March 28, 2006

CNOOC Limited (NYSE: CEO, SEHK: 883, “the Company") announced today that it has made a new independent discovery, Bozhong (BZ) 28-2S in the Bohai Bay with the completion of wildcat BZ 28-2S-1.

The discovery well BZ28-2S-1 is located on Structure BZ28-2S in the Yellow River Mouth Sag of central southern Bohai Bay. The well hit its target depth of 2,125 meters,with water depth of about 22 meters.

The drilling activities commenced in February 2006. The well penetrated oil pay zones with total thickness of 85 meters and gas sections of 8 meters thick.

Two drill stem tests were conducted over two intervals with a combined flow rate of about 1,900 barrels of oil and 2 million cubic feet of gas per day via 7.94mm and 12.7mm chokes respectively. Further appraisal work will be conducted to evaluate the commercial value of the discovery.

Mr. Zhu Weilin, Vice President of the Company and General Manager of exploration department commented, ”I am pleased to declare the exciting progress of our exploration in Bohai Bay. It’s initially estimated that BZ28-2S is one of the largest discoveries among those made in Bohai Bay in recent years.”

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