CNOOC finds major reserves in S China Sea

China National Offshore Oil Corp, one of the country's three major oil and gas companies, said on Monday it has recorded proven oil and gas geological reserves of 50 million tons oil equivalent at its Huizhou 26-6 field.

Located in the east part of the South China Sea, the field, with an average water depth of 113 meters, is expected to become the first mid-to-large sized condensate oil and gas field in the shallow water area of the basin and is expected to produce more than 500 cubic meters of oil and 600,000 cubic meters of gas each day.

The proven reserves at Huizhou were certified by the Ministry of Natural Resources, the company said. The company recently launched a carbon neutrality project to comprehensively promote its transformation to green and low-carbon development. It is setting up a specialized research institution, including several departments to launch the design, study and formulation of the company's carbon emission reduction road map and carbon-neutrality project.