China National Offshore Oil Corporation (CNOOC) announced on Thursday the discovery of a high-production well at an oil and gas field in the Beibu Gulf in the South China Sea, marking a significant milestone in the region's oil and gas exploration.
The Weizhou 10-5 oil and gas field is located about 75 kilometers off the coast of Beihai City in southwest China's Guangxi Zhuang Autonomous Region, with an average water depth of approximately 37 meters.
The exploration well reached a depth of nearly 5,000 meters underwater, encountering an oil and gas reservoir that is 283 meters thick.
Test results indicate that the well is capable of producing approximately 370,000 cubic meters of natural gas and about 102 tons of crude oil daily.
"The Weixinan Depression is the most oil- and gas-rich depression in the Beibu Gulf Basin. Drilling in fracture belts in the vicinity of the depression, where conditions for oil and gas formation are most favorable, is expected to lead to significant exploration breakthroughs," said Fan Caiwei, director of the South China Sea West Petroleum Research Institute at CNOOC's Zhanjiang branch based in south China's Guangdong Province.
This remarkable discovery is expected to play a role in ensuring stable supply of oil and gas resources for China.
High-production well discovered at oil-gas field in Beibu Gulf
The Asia-Pacific Economic Cooperation (APEC) CEO China Forum 2026 will be held in Beijing on June 21, the China Council for the Promotion of International Trade (CCPIT) announced on Friday.
The event will feature an opening ceremony and three seminars to review this year's key outcomes such as the APEC Business Advisory Council (ABAC) Statement on Free Trade Area of the Asia-Pacific (FTAAP) and the ABAC Statement on Connectivity, and prepare high-quality policy suggestions from the business community for the APEC Economic Leaders' Meeting slated for November in south China's Shenzhen, the CCPIT said.
"The Asia-Pacific business community has released a joint statement on progress toward the FTAAP and called for an upgraded version of the APEC Connectivity Blueprint on the basis of the outcomes of the Beijing summit in 2014. This fully demonstrates the shared aspiration of the Asia-Pacific business community for stable and smooth industrial and supply chains, and for a universally beneficial and inclusive economic globalization," said Yang Mi, director of CCPIT's general office.
The APEC forum will be closely followed by the 4th China International Supply Chain Expo, which is scheduled for June 22-26 in Beijing.
The expo will feature more than 60 business exchange activities, with foreign provinces serving as guests of honor for the first time, according to the CCPIT.
"At this year's supply chain expo, 48 percent of the foreign exhibitors will be from China's Belt and Road partner countries. During the exhibition, we will hold a Belt and Road trade and investment forum and a roundtable on international chamber of commerce cooperation for the New Land-Sea Trade Corridor. In addition, we will hold an exchange activity for exhibitors, a working meeting of the China International Supply Chain Expo Exhibitors Alliance, the BRICS Women's Leadership Forum, and other exchange activities," said Liu Jiannan, vice chairman of CCPIT.
The expo will also host country-specific promotion sessions, bilateral economic and trade activities, and cross-industry exchanges to facilitate the flow of the resources along industrial and supply chains, according to the CCPIT.
The Auvergne-Rhone-Alpes region of France and the Liguria region of Italy will be foreign guest provinces of honor, which will carry out promotion and exchange activities with Chinese guest provinces of honor, the CCPIT said.
As the world's first national-level exhibition focusing on supply chains, the China International Supply Chain Expo is an internationally shared public product.
First held in 2023, the expo has contributed to building more secure, stable, open and inclusive global industrial and supply chains, according to the CCPIT.
Beijing to host APEC CEO forum next month
Beijing to host APEC CEO forum next month
