CNOOC announces two new oil finds

China National Offshore Oil Corp has revealed two new offshore discoveries: in the Bohai Sea, and near the Pearl River Estuary.

Luda 6-2, in the waters of Liangdong Bay in northeastern Bohai Sea, has an average water depth of 31 meters and is estimated to produce 850 barrels of oil every day.

Lufeng 15-1, in the waters of the Pearl River Mouth Basin, is at a 283 meter depth and has an estimated daily output of 800 barrels.

Zhu Weilin, vice-president of CNOOC and general manager of the department of exploration said Lufeng 15-1, particularly, is expected to open up new fields for independent exploration in the Pearl River Mouth Basin.

CNOOC is China's largest offshore oil and gas producer. In 2011, the company ranked 34 in the Top 50 Global Oil Companies. In the first half of this year, the company saw a 19 percent decrease in its net profit.