South China Sea Field Could Hold 100 Bcm of Gas

China's first deepwater gas field in the South China Sea has proven reserves of more than 100 billion cubic meters, according to a China National Offshore Oil Corp (CNOOC) official.

In September last year, CNOOC’s first deepwater rig, CNOOC 981, made its first deepwater gas field discovery, called the Lingshui 17-2 gas field, some 150 kilometers south of Hainan Island, is in the east Lingshui Sag of the Qiongdongnan Basin.  

Global Times newspaper on Saturday reported that Xie Yuhong, a manager with the CNOOC, told state run CCTV that annual output of the Lingshui 17-2 field is expected to reach 3.5 to 4 billion cubic meters. "This figure is relatively conservative," Xie said.

This could be one of China's biggest offshore finds.