CNOC declared the discovery of over 100 million tons of proven oil volume in the South China Sea (OTCMKTS: CEOHF)

Cnooc, a leading Chinese oil and gas company, has recently made a groundbreaking discovery in the deepwater South China Sea. This exciting new reserve at the Kaiping South oilfield in the Pearl River Delta has proven to contain over 100 million metric tons of oil equivalent. T

he KP18-1-1d well, which was tested by Cnooc, has been found to produce an average of 7680 barrels per day of crude oil and 520 million cubic feet per day of natural gas.

This discovery represents a major milestone for Cnooc, with President and CEO Zhou Xinhuai commenting on the company's significant achievements in oil and gas exploration in the eastern South China Sea. With this new reserve, Cnooc is poised to establish a new growth area for offshore production and solidify its position as a leader in the energy industry.