CNOOC makes 'important' oil discovery at Penglai 9-1 in Eastern Bohai Bay

By Phaedra Friend Troy

Major Chinese producer CNOOC (CEO) announced an oil discovery with its Penglai 9-1 (PL9-1) exploration well in the Eastern Bohai Bay.

Drilled in the Miaoxibei Uplift of the eastern part of Bohai Bay, the discovery well encountered oil pay zones measuring 253 feet (77 meters) thick, as well as a fractured zone of buried hill measuring 518 feet (158 meters) thick. PL9-1 was drilled to a total depth of 4,938 feet (1,505 meters) in waters that are 95 feet (29 meters) deep.

“This discovery opens up a new prospect for exploration in Bohai Bay,” revealed Zhu Weilin, the general manager of exploration and executive vice president of CNOOC. “We believe that with further appraisals in the future, PL9-1 is expected to become a significant discovery area.”

CNOOC conducted drill stem testing for three layers on the PL9-1 oil discovery, and hydrocarbons flowed at an average daily rate of 540 barrels of oil during the test.

With a massive population that is very quickly developing, China is faced with an energy shortfall, spurring exploration at home and abroad, as well as major investments in international energy sectors.

Last week alone, Sinopec made two major international announcements. First, the Chinese producer announced that it intends to purchase ConocoPhillips’ stake in Syncrude, its oil sands processing company, for $4.65 billion. Later in the week, Sinopec signed a cooperation agreement with Brazilian major oil producer Petrobras focusing on exploration and downstream opportunities.



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