China says that it has discovered a major oilfield in the eastern South China Sea

China National Offshore Oil Corporation (CNOOC) announced on Monday that it has discovered a major oilfield in the eastern South China Sea

• proven reserves exceeding 100 million tonnes
• newly discovered Huizhou 19-6 oilfield
• China’s first large-scale integrated clastic oilfield discovered in deep to ultra-deep layers, said the CNOOC.

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An integrated clastic oilfield is an oilfield developed in clastic sedimentary rock formations, where the exploration, production, and infrastructure are coordinated as one unified operation.

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This article was written by Eamonn Sheridan at www.forexlive.com.