China's largest oil field, located in the Bohai Bay, ranked first in the country with more than 30 million tons of crude oil production last year, according to a statement today by the China National Offshore Oil Corporation (CNOOC). Half of the increase in crude oil production in China last year came from the oil field in question.
Last year, China's offshore oil production reached 3 million 230 thousand tons, an increase of 48 million 640 thousand tons compared to the previous year, and this amount constituted 80 percent of the national oil growth. The increase in offshore oil production accounted for half of the national oil production growth for three years. This indicates that natural resources discovered offshore have become an important element to support China's production.
“The company has invested more than 50 billion yuan (approximately $8 billion) every year for the past three years,” said Cao Xinjian, Executive Vice President of CNOOC. Cao added that breakthroughs in deep-sea and heavy oil development technology are creating new opportunities for the industry. CNOOC announced in September last year that it had discovered a new oil field in Bohai Bay with an estimated reserve of more than 100 million tons.
Source: China International Radio