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CNOOC discovered new oilfield in Bohai Bay
www.chinanews.cn 2006-03-21 16:18:21
Chinanews, Beijing, Mar. 21 (By Jia Quanxin) - China National Offshore
Oil Corp. (CNOOC) announced lately that its independent prospecting well
Bozhong (BZ) 29-4-2 drilled in Bohai Bay proved a success.
BZ29-4-2 is CNOOC's first discovery in 2006. The company will drill an
evaluation well to verify the commercial value of this discovery in the
near future.
BZ29-4-2 was found to have 34.5 meters of gas pay zone and 13 meters of
oil zone. Drill stem test shows that it can produce 760 barrels of oil
per day by 7.94mm choke.
CNOOC expects to put ten nearshore projects on stream this year. A total
of 16 development projects will be put into production in China's
maritime territory in 2006 and 2007.
At the same time, CNOOC will undertake more active prospecting in Bohai
Sea and South China Sea within China's maritime territory in pursuit of
more petroleum and natural gas reserves. The company will also exert more
efforts prospecting overseas. CNOOC's investment in development is
expected to see 30% of growth and reach US$2.59 billion in 2006 compared
with last year's budget.
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