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.
Recommended Reading
Sources: Citadel Buys Haynesville E&P Paloma Natural Gas for $1.2B
2025-03-13 - Hedge fund giant Citadel’s acquisition includes approximately 60 undeveloped Haynesville locations, sources told Hart Energy.
Japan’s Mitsui Testing Western Haynesville Alongside Comstock, Aethon
2025-03-26 - Japanese firm Mitsui has plans to drill a horizontal well in the emerging western Haynesville play as renewed foreign investment in U.S. shale continues to pick up steam.
Will TG Natural Resources Be the Next Haynesville M&A Buyer?
2025-03-23 - TG Natural Resources, majority owned by Tokyo Gas, is looking to add Haynesville locations as inventory grows scarce, CEO Craig Jarchow said.
After Big, Oily M&A Year, Upstream E&Ps, Majors May Chase Gas Deals
2025-01-29 - Upstream M&A hit a high of $105 billion in 2024 even as deal values declined in the fourth quarter with just $9.6 billion in announced transactions.
Uncoiled: Viper Energy Rides Investor, M&A Wave to New Heights in ‘24
2025-03-25 - With its units coming off an all-time high, Viper Energy made a $4.45 billion Permian acquisition. VNOM units are gaining favor among Wall Street investors. It took more than a decade and several economic downturns to get there.