Wood Mackenzie analysts told Offshore there is potential for new exploration activities offshore Indonesia and that year-round shortages of gas in Australia will become increasingly likely early in the 2030s.
CNOOC has discovered oil and gas for the first time in metamorphic sandstone and slate buried hills in deep plays in the South China Sea.
The Weizhou 10-5 South Field is in the Beibu Gulf in an average water depth of 37 m. Well WZ10-5S-2d intersected an oil and gas pay zone of 211 m, before reaching a total depth of 3,362 m.
Analysis of the test results indicated that the well flowed up to 165,000 cf/d of natural gas and 400 bbl/d of crude oil.
It represents a significant exploration breakthrough in the metamorphic sandstone and slate buried hills offshore China, the company added. It now plans larger-scale exploration of the discovered play.
Chief geologist Xu Changgui said, “In recent years, CNOOC has consistently intensified theoretical innovation and tackled key technology challenges in buried hills and deep plays exploration. Breakthroughs have been achieved in the exploration of Paleozoic granite and Proterozoic metamorphic sandstone and slate buried hills within the Beibu Gulf Basin."
CEO Zhou Xinhuai added, “In the future, CNOOC will continue to intensify research on key theories and technologies for deep play exploration, to enhance research and development capabilities, advance reserves and production growth, and to ensure stable supply of oil and gas.”
CNOOC has discovered the largest integrated clastic oil field in the eastern South China Sea, with in-place reserves of more than 100 MMtons of oil equivalent.
