China is on track to reach a new all-time high in oil production. The country’s colossal investment in reducing its crude oil reserves is paying off. Beijing produces about 4.3 million barrels of crude oil every day, and by 2025 that figure is expected to rise to 4.5 million barrels, according to data from the International Energy Agency. This makes China one of the largest oil producers in the world (despite the fact that it consumes far more than it produces). Among these investments and efforts to produce more oil, theOperations in one of the oldest deposits in the country. A site which despite its longevity (it is over 60 years old) is currently experiencing its best days.
The Bohai field is China’s largest offshore oil field and one of the most productive in the country.. Although it was discovered in 1961 and completed in 1965, this field located in the Bohai Sea basin has since undergone remarkable evolution, reaching in 2023 record daily production of more than 733,000 of barrels of crude oil, or about one-sixth of China’s total daily production. This field is currently producing more oil than ever before thanks to technological advances and increased investment in exploration and development, including the opening of more than 450 new wells in 2023.
However, the big surprise happened recently. It’s not until 2022, according to the agency Reuterswhen andThe Bohai field overtook what had been the country’s main oil producer, known as the Daqing field in northeast China. Daquing had always been China’s field with the highest crude oil production until Bohai achieved the historic surpass.
Where is this field located? This farm is located in the Bohai Sea, a small inland sea that appears at the northern end of the East China Sea (Pacific Ocean), northwest of the Yellow Sea, on the northeast coast of China . This accumulation of sea water extends over approximately 78,000 km² and its proximity to Beijing makes it one of the busiest maritime corridors in the world. In recent decades, it has become very important for China, since the discovery of oil and natural gas deposits, like the one announced in this article.
Overall, the Bohai field has become over the years a strategic asset for China’s energy security. CNOOC, its main operator, stressed that this production not only strengthens energy independence, but also contributes to the economic development of urban areas with high energy demand.
The Bohai Oil Revolution
Which It began to be considered an unattractive “marginal” deposit.has become China’s main source of oil. The Bohai oil fields, developed in 1965, were considered marginal assets with relatively high development costs and poor crude oil quality. But over the past two decades, CNOOC perfects its know-how in exploration and developmentfor example, reducing the average drilling duration from 57 to less than 10 days, and made several significant discoveries, such as the Kenli 10-2 and Bozhong fields. 19-6 which revolutionized this site.
Bohai’s strategic importance is due to the fact that, although it was discovered several decades ago, its initial development was limited by the geological complexity of the region and the lack of advanced technology. Over time, the implementation of modern techniques has allowed China to better exploit these resources. In addition, Beijing’s plan is to continue investing in infrastructure and technology to reach annual production of 40 million tonnes by 2025.thereby ensuring a solid foundation for China’s energy independence and less dependence on crude oil imports. It is estimated that throughout its “infinite” production period, This field produced a fifth of all China’s crude oil and half of all the oil in the Bohai Sea.
The discovery of Bozhong 26-6
Although this important deposit was discovered decades ago, oil is still sought in different parts of its vast geography. This is a costly task because the waters in the area are relatively deep and it is not so easy to carry out testing and drilling. That same year, an important discovery was confirmed. CNOOC announced earlier this year that the Bozhong 26-6 field, located in the Bohai field, Its hydrocarbon reserves could reach more than 1,300 million barrels (more than 200 million cubic meters of crude oil), making it the largest metamorphic rock oil field in the world, according to a statement from the oil company and government. from China. The recent Environmental Impact Assessment (EIA) approval opens the door for Bozhong 26-6 to begin production in record time, just a few years after its discovery in 2022.
It was thus confirmed as one of the largest gas and oil deposits in the world in metamorphic rocks in a “buried hill” trap (or buried paleorelief). The Bozhong 26-6 field was discovered in 2022 and the latest wells drilled confirm that total proven oil reserves exceed 1.3 billion barrels.
This quantity of crude oil would be enough to meet Spain’s oil demand for three and a half years. While the 11 billion cubic feet of gas are used, with current parameters, to supply (use of gas) a city of one million inhabitants for at least 11 years, according to calculations by the Chinese government.
China produces about 4.3 million barrels of crude oil per day, an insufficient amount for a country that consumes about 15 million barrels per day. However, the Asian giant’s titanic efforts to produce more crude oil are bearing fruit, even if these “fruits” become less and less accessible and have less “flesh” every year. The International Energy Agency estimates that China will produce 4.5 million barrels per day in 2025, meaning the country will continue to be the world’s fifth largest producer of crude oil, with pumping very similar to that of Iraq.
