The China National Offshore Oil Corporation (CNOOC) found more oil in the Bohai Bay. In this respect reported in a statement posted on the company’s website.
CNOOC noted that oil reserves in this area are about 100 million tons. At the same time, the existing well can produce 2040 barrels of crude oil and 320 thousand cubic meters of gas per day.
February 28 Bloomberg quotes analytics firm Kpler knowledgeableStating that despite the recovery in Chinese demand, the Russian Federation continues to supply India with the highest possible amount of oil, New Delhi imported approximately 1.85 million barrels of oil per day from the Russian Federation in February.
Prior to that, the Xinhua agency, citing a message from the operating company CNOOC, reported that in 2023, the daily oil production volume at the Bohai field has already exceeded 90,000 tons per day, which is a record level.
Earlier, Finam analyst Alexander Potavin said that Indian and Chinese energy companies could reduce the volume of Russian oil imports in the medium term. However, a lot will depend on whether these firms find “attractive” pricing options from alternative commodity suppliers.