China Discovers Massive Oilfield Off Shenzhen

China's state-owned National Offshore Oil Corporation CNOOC has announced the discovery of a significant new oilfield in the eastern South China Sea, with proven reserves surpassing 100 million tonnes.

Located approximately 170 kilometres 100 miles off the coast of Shenzhen in Guangdong Province, the Huizhou 19-6 oilfield has demonstrated promising test drilling results, yielding 413 barrels of crude oil and 68,000 cubic metres of natural gas per day, according to reports from Beijing's Xinhua news agency.

CNOOC CEO Zhou Xinhuai lauded the find, emphasising its importance in China's offshore energy strategy. This marks consecutive years of 100-million-ton oilfield discoveries, creating new momentum for offshore oil and gas production growth, he stated.

According to the US Energy Information Administration, the South China Sea remains largely underexplored due to territorial disputes. While China claims nearly the entire sea, the Philippines, Malaysia, Vietnam, Indonesia, and Brunei contest its assertions.

CNOOC Chief Geologist Xu Changgui described the discovery as a major breakthrough, noting that it represents the largest clastic whole oilfield found in the northern South China Sea in terms of geological reserves. This challenges traditional theoretical understandings of the region's oil potential, he added.