China’s CNOOC Ltd. has discovered a new oilfield with light crude reserves of 100 million tonnes in the Bohai Sea, which stretches along China’s northern coastline, the company said on Wednesday.

It was not immediately clear whether the volume referred to oil in place, or proven reserves at exploration block Bozhong 26-6, where the discovery was made.

The company did not immediately respond to a request for comment.

State-owned CNOOC is China’s largest offshore oil and gas producer. The company has targeted a record 650 million to 660 million barrels of oil equivalent (boe) for this year.
Source: Reuters (Reporting by Andrew Hayley; Editing by Tom Hogue and Nivedita Bhattacharjee)