Kaipingnan oil and gas field has been discovered in the South China Sea

Oil reserves are estimated at 102 million tons.
An oil and gas field has been discovered in the waters of the South China Sea, with proven reserves of 102 million tons of oil equivalent. This was announced on Friday by the China National Offshore Petroleum Corporation (CNOOC).
The Kaipingnan field, which contains light crude oil, is in the eastern part of the country, about 300 km from the city of Shenzhen. The average sea depth in the field area is about 500 m, and the maximum depth of the drilled well is 4,831 m.
CNOOC Chief Executive Officer Xin Hui Zhou noted that the size of oil and gas reserves and the volume of oil and gas production in the country in the future largely depend on the level of exploration of such deep-water fields.