BEIJING, March 28 (UPI) -- China National Offshore Oil Co. Ltd. announced Tuesday it had found new oil reserves in Bohai Bay.
Xinhua news agency reported that the independent discovery, which is at Structure BZ28-2S in the Yellow River Mouth Sag, was made with the completion of a wildcat.
The well hit a target depth of 2,125 meters, with a water depth of 22 meters, Xinhua reported, and penetrated gas sections 8-meters thick and a total thickness of 85 meters of oil layers.
Two drill stems tests taken over two intervals showed a combined flow rate of 1,900 barrels of oil and 2 million cubic feet of gas per day.
CNOOC Ltd. will carry out further tests to determine the commercial value of the discovery, but believes it to be one of the largest recent discoveries made by the company in the area.
Drilling of the well began in February.
