China’s oilfield located in Bohai Bay has produced more than 30 million tons of crude oil in 2021, top-ranked nationwide, China National Offshore Oil Corporation (CNOOC) said. The oilfield contributed half of the country’s crude oil output increase last year.
China’s offshore oil output reached 48.64 million tons with a year-on-year increase of 3.23 million tons, taking up 80% of the total national oil growth, according to China Media Group.
It was the third consecutive year that offshore oil production accounted for over half of the national oil growth, signaling the exploration offshore for natural resources has become crucial to the country’s drive for production.
“The company has invested over yuan 50bn (almost USD 8bn) annually in the past three years,” said Cao Xinjian, general manager assistant of CNOOC.
He added the technology breakthroughs for exploiting deep-sea and heavy oil opened up new opportunities for the industry.