China Discovers 100 Million Ton Oil Field Jackpot Off Tianjin Coast

Recent Discovery of 100 Million Ton-Class Oil Field in the South China Sea

An oil field with a scale of 104 million tons has been discovered in the Bohai Bay area, about 200 km from Tianjin Port, China.

According to local media including Xinhua News Agency, China's state-owned enterprise China National Offshore Oil Corporation (CNOOC) reported that the oil field named Qinhuangdao 27-3 has an average water depth of about 25 meters, and the daily crude oil production reaches 110 tons. This is the sixth oil field with reserves exceeding 100 million tons discovered in Bohai Bay since 2019.

Bohai Bay's oil drilling rig Photo by China Global Times website capture

Zhou Jiaxiong, Vice President of CNOOC's Tianjin branch, explained, "Approximately 20 million tons of crude oil can be extracted from this oil field alone," adding, "This amount is enough for a city with a population of over one million to use for transportation for more than 10 years."

The state-run English newspaper Global Times reported, "The discovery of this oil field proves the success of CNOOC's new exploration strategy," and added, "In recent years, the company has made significant discoveries such as the Bozhong 26-6 deep-sea oil field in Bohai Bay and the Baodao 21 oil field in the South China Sea."

CNOOC also announced on the 8th that it discovered its first deep-sea oil field in the South China Sea. The Kaipingnan oil field, found about 300 km south of Shenzhen, Guangdong Province, is estimated to have oil and gas reserves of approximately 102 million tons.

Meanwhile, China, the world's second-largest oil consumer, produced a record high of 390 million tons of oil and gas last year and is actively pursuing underground resource development.