New oil well found in South China Sea

China National Offshore Oil Corp (CNOOC) Limited announced December 21 that its partner Eni, an Italian company, discovered a new oil well in the eastern South China Sea.

The newly found Huizhou 25-4 well is located in the Pearl River Mouth Basin, about 180 km southeast of Hong Kong. The well is in about 102 meters of water. Drill test shows that the well can produce some 5000 barrels of high quality oil per day.