July 8, 2008

CNOOC Discovers Oil in Bohai Bay

The China National Offshore Oil Corporation has announced that its Ken Li 10-1-1 wildcat well, drilled independently in the Bohai Bay offshore China, has been successfully completed.

The Ken Li (KL) 10-1-1 well, which was drilled on structure KL 10-1 of Laizhou Bay Sag, encountered oil pay zones of 56.8m. The well was drilled to a total depth of 3,148m, with a water depth of about 17m.

During the drill stem test, the well tested flows of about 980 barrels of oil and 100,000 cubic feet of gas per day.

Zhu Weilin, executive vice president of the China National Offshore Oil Corporation (CNOOC) and general manager of the exploration department, said: "I am pleased to announce our exploration progress in Bohai Bay. The successful discovery of KL 10-1-1 will help us continue our effective exploration activities in this area."