CNOOC discovers mid-sized oil, gas structure

BEIJING - China National Offshore Oil Corporation (CNOOC) Limited announced the discovery of a mid-sized oil and gas deposit structure in the eastern part of the South China Sea.

Named Lufeng 14-4, it is located in Lufeng Sag in the Pearl River Mouth Basin of the South China Sea with an average water depth of 145 meters, the Chinese oil company said in a statement.

The exploratory well that discovered the deposit was drilled and completed at a depth of 4,098 meters, and the oil production of the well tested around 1,320 barrels per day.

The successful exploration of Lufeng 14-4 demonstrated the company's breakthrough in the exploration area of the Paleogene System, and further proved the huge exploration potential of the Paleogene System in the Pearl River Mouth Basin, the statement said.