China National Offshore Oil Corp (CNOOC) and its Canadian partner Husky Energy have found China’s first deep-water gas field in the South China Sea, the Financial Times reported. Located 250 kilometers south of Hong Kong at a depth of 1,500 meters, the gas block – known as Liwan 3-1-1 could contain 113.3-169.9 billion cubic meters of recoverable hydrocarbons. The find is a big boost for CNOOC which had started to buy overseas energy assets rather than explore for resources at home. The company’s reported total reserves were 2.36 billion barrels of oil equivalent at the end of 2005 and Liwan 3-1-1 could add a further 500 million barrels to this figure.
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