![CNOOC Encounters High Yield Well in Beibu Gulf](/sites/default/files/styles/hart_news_article_image_640/public/image/2024/07/cnooc.jpg?itok=3NfmE_P3)
CNOOC Ltd. encountered a high yield well in the Wushi Sag area of Beibu Gulf offshore China, the company announced July 23. (Source: Shutterstock)
CNOOC Ltd. encountered a high yield well in the Wushi Sag area of Beibu Gulf offshore China, the company announced July 23.
The Wushi 16-5 structure sits in an average water depth of approximately 25 m. The WS16-5-4 appraisal well was drilled and completed at a depth of 4,185 m, encountering 65 m of oil pay zones.
The well was tested to produce over 1,000 cubic meters per day of oil equivalent. The discovery is expected to become a medium-sized oilfield.
With this discovery, the total proved oil in-place of the Wushi oilfields has exceeded 100 million cubic meters.
Recommended Reading
Rising Phoenix Royalties Adds Permian Basin Mineral Interests
2024-08-29 - The acquisition of Permian Basin interests in Dawson County, Texas, follows a July deal by Rising Phoenix Royalties for a non-operated working interests in the Denver-Julesburg (D-J) Basin.
Shell Sells Pipeline, Terminal Assets to Edgewater Midstream
2024-08-29 - Shell is selling its Sinco pipeline system and Colex terminal assets that have been historically integrated with the Deer Park Refinery, which Shell sold to Pemex in 2022.
ONEOK Secures Traffic for Growing Midstream Network with $5.9B Deal
2024-08-29 - ONEOK’s latest deals to acquire controlling interest in midstream companies EnLink and Medallion are considered “neutral” for the company’s credit rating.
Marathon Stockholders Give $17.1B ConocoPhillips Merger Thumbs Up
2024-08-29 - Marathon Oil shareholders approved a merger acquisition by ConocoPhillips valued at $22.5 billion, including debt, at a special meeting.
Why Buying Double Eagle Does (and Doesn’t) Make Sense for Ovintiv
2024-08-29 - Proceeds from an Ovintiv divestiture in the Uinta Basin could help fund a deal for Double Eagle’s Midland Basin assets, but analysts say the money could just as easily be used for debt reduction.