CNOOC announces discovery of 19-6 billion ton oil field in Huizhou

(Hong Kong, March 31, 2025) China National Offshore Oil Corporation Limited ("the Company" or "CNOOC", stock codes 00883 (Hong Kong dollar counter) and 80883 (RMB counter) on the Hong Kong Stock Exchange, and stock code 600938 on the Shanghai Stock Exchange) announced today the discovery of a 19-6 billion ton oil field in Huizhou in the deep and ultra deep layers of the South China Sea.

The Huizhou 19-6 oilfield is located in the eastern waters of the South China Sea, with an average depth of 100 meters. The main oil-bearing formations are the Enping Formation and Wenchang Formation of the Paleogene, and the oil properties are light crude oil. The discovery well HZ19-6-3 encountered a total of 127 meters of oil and gas reservoirs during drilling, with a completed depth of 5415 meters. After testing, the well produces an average of 413 barrels of crude oil and 2.41 million cubic feet of natural gas per day. Through continuous exploration, the proven geological reserves of Huizhou 19-6 Oilfield have exceeded 100 million tons of oil equivalent.

Offshore Oil 943 Drilling Discovered in Huizhou 19-6

Mr. Xu Changgui, the Chief Geologist of the company, stated: "In recent years, CNOOC has strengthened theoretical and technological innovation in deep ultra deep exploration in the South China Sea and achieved significant breakthroughs. This discovery has identified a large scale of detrital rock integrated oil fields in the northern part of the South China Sea, breaking through traditional theoretical understanding and demonstrating the enormous exploration potential of deep ultra deep basins in China's offshore high geothermal and highly active areas. ”

Mr. Zhou Xinhuai, the executive officer of the company, said, "China National Offshore Oil Corporation (CNOOC) has repeatedly made breakthroughs in oil and gas exploration in the eastern waters of the South China Sea. It has discovered billion ton oil fields for two consecutive years, creating a new growth pole for the continuous increase of offshore oil and gas production. The company will continue to increase its efforts in oil and gas exploration and development, continuously consolidate the foundation of storage and production resources, and provide solid guarantees for the high-quality development of the company