CNOOC Discovers Mega Deepwater Reserve in South China Sea

China National Offshore Oil Corp. Ltd. (CNOOC), a state-owned oil and gas giant, said it has discovered a vast deep-water reserve in the South China Sea, with more than 100 million tons of proven oil equivalent.

The reserve is located in CNOOC’s Kaiping South oilfield, 300 kilometers off the coast of Guangdong province. It contains mainly light crude with an average water depth of about 500 meters, according to the company.