China’s CNOOC expands Bohai Bay output amid shifting oil flows
The China National Offshore Oil Corporation, commonly known as CNOOC, has announced new oil finds in the Bohai Bay region. A recent statement published on the company’s site confirms the discovery and highlights the potential for increased production as development continues in the area. CNOOC’s update reinforces the company’s role in expanding domestic energy reserves and shaping China’s regional energy outlook for the coming years. Cited: CNOOC press release.
According to CNOOC, the Bohai Bay reserves estimated at about 100 million tons could support extended production timelines. The company notes that the existing well in this field is capable of delivering around 2040 barrels of crude oil per day and about 320 thousand cubic meters of natural gas daily, reflecting the site’s potential to contribute meaningfully to regional energy supply. Cited: CNOOC press release.
Industry analysis from Bloomberg, referenced on February 28, indicates that despite a recovery in Chinese energy demand, Russia continues to be a major supplier to India. Reports from the analytics firm Kpler suggest that India imported roughly 1.85 million barrels of oil per day from Russia in February, underscoring ongoing shifts in supply routes and the dynamics of energy trade in the region. Cited: Bloomberg reporting via Kpler.
Earlier, the Xinhua News Agency, citing CNOOC communications, reported that in 2023 Bohai field daily oil production exceeded 90,000 tons, marking a record level for the field. This milestone highlights sustained growth in offshore production and the strategic importance of Bohai to national output. Cited: Xinhua report via CNOOC.
Analyst commentary from Finam’s Alexander Potavin adds another layer to the regional energy narrative. He notes that Indian and Chinese energy firms could cut Russian crude imports in the medium term if pricing from alternative suppliers remains attractive. The assessment emphasizes how pricing incentives and supplier diversification could influence the flows of oil to major Asian markets. Cited: Finam analyst remarks via market brief.