Chinese Oil Major Discovers New Field

China’s state energy company CNOOC said today it had discovered a new oil field in the South China Sea that could contain over 100 million tons of crude oil, equal to around 733 million barrels. Dubbed Huizhou 19-6, the field is located some 100 miles offshore the province of Shenzhen. Test drilling produced 413 barrels of crude oil and 68,000 cu m of natural gas daily, state news agency Xinhua reported. Deepwater and ultra-deepwater oil and gas deposits are garnering growing attention from oil and gas explorers as they run out of more easily…