CNOOC Ltd., a listed branch of China National Offshore Oil Corp., said on June 29 it had made a significant discovery in the eastern part of the South China Sea.
The field, named Huizhou 26-6, was tested to produce about 2,020 bbl of oil and 15.36 MMcf of gas each day. The discovery well HZ26-6-1 was drilled and completed at a depth of 4,276 m and encountered oil and gas pay zones with a total thickness of about 422.2 m, CNOOC said in a news release.
The company expects Huizhou 26-6 to become the first mid- to large-sized condensate oil and gas field in the shallow water area of the Pearl River Mouth Basin.
Devon Energy had been actively shopping the Permian Basin assets, and others in the Rockies, the past several months.
Oil major Exxon Mobil said Jan. 31 it would create three new separate E&P companies, effective April 1, in an effort to double its profit by 2025.
A big crowd turned out for an afternoon honoring industry leaders representing all facets of the energy sector.