The China National Offshore Oil Corporation (CNOOC) has announced significant achievements in crude oil and natural gas production from its first independently developed ultra-deepwater field, known as Deep Sea #1. This field has produced a remarkable cumulative total of 9 billion cubic meters of natural gas and over 900,000 cubic meters of crude oil to date.
As CNOOC progresses with the second phase of development, production levels are expected to increase substantially. The second phase aims to boost annual natural gas production at the site from the current 3 billion cubic meters to a peak of 4.5 billion cubic meters, capitalizing on the proven gas reserves located in the South China Sea.
As the world’s leading importer of crude oil and natural gas, China is actively seeking to enhance its domestic energy production to reduce dependence on foreign energy sources. This year, natural gas consumption in China is projected to rise by up to 7.7%, underscoring the country’s growing energy needs as its economy expands.
The government’s strategy includes investing heavily in domestic production initiatives to improve self-sufficiency in energy and stabilize supply amid increasing demand.
CNOOC Celebrates Major Milestones in Energy Production from Deep Sea #1 and Expands Domestic Crude Oil and Gas Initiatives
In line with this strategy, CNOOC has made further strides in ultra-deepwater exploration, announcing a new natural gas discovery in the South China Sea earlier this year. The Lingshui-36-1 field has been reported to contain reserves exceeding 100 billion cubic meters of natural gas.
This discovery highlights the potential for significant growth in China’s domestic gas production, contributing to the overall energy strategy aimed at enhancing local resources and reducing imports.
The focus on domestic energy exploration and production is not limited to CNOOC; other state-owned energy companies in China are also intensifying their efforts to comply with government mandates for improved self-sufficiency.
These initiatives are critical in positioning China to manage its energy needs effectively while minimizing reliance on external sources. The commitment to increasing production reflects broader geopolitical considerations and the need for energy security in a rapidly changing global environment.
In addition to these developments, CNOOC has recently commenced crude oil production from a new project in the South China Sea, specifically the Enping 21-4 Oilfield Development Project.
This initiative signifies CNOOC’s ongoing commitment to expanding its production capabilities and enhancing its role in meeting the nation’s energy demands. As these projects evolve, they represent not only CNOOC’s growth but also China’s broader ambitions for energy independence and sustainability.
