CNOOC announces Bohai oil and gas discovery

China National Offshore Oil Co. (CNOOC) said it had discovered new oil and natural gas reserves in Bohai Bay, Reuters reported. The discovery was made with a wildcat well – a well drilled in an unproven area –drilled to a depth of 1,885 meters, and was tested to flow at about 1,500 barrels of oil and 220,000 cubic feet of gas per day. CNOOC said it has made six discoveries in the area since 2006, and plans to develop the Bohai field into China’s second-largest producer of crude. CNOOC produced 171 million barrels of oil in 2007, an increase of 2.6% from the year before.