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CNOOC Announces New Oil, Gas Discovery in Bohai Bay

China National Offshore Oil Co. Ltd. (CNOOC Ltd.) announced on Monday that its wildcat well, drilled independently in the Bohai Bay, discovered oil and natural gas.

The wildcat, Ken Li 10-1-1, was drilled to a total depth of 3,148 meters, with a water depth of about 17 meters. Test flows were about 980 barrels of oil and 100,000 cubic feet of natural gas per day, CNOOC Ltd. said.

Listed in Hong Kong and New York, CNOOC Ltd. is the listed subsidiary of China National Offshore Oil Corp., the nation's largest offshore oil producer. CNOOC Ltd. produced 171 million barrels-of-oil-equivalent last year, up 2.6 percent from a year earlier.

(Xinhua News Agency July 8, 2008)

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