New oil and gas field found in South China Sea
State-owned offshore oil and gas producer China National Offshore Oil Corp said Thursday that the company has discovered the first deep-water deep-stratum large gas field in the South China Sea. The Baodao 21-1 Gas Field, located in Qiongdongnan Basin, has a proven in-place of natural gas and condensate oil at over 50 billion cubic meters and 3 million cubic meters respectively, said the company.