China's Beibu Gulf Oil And Gas Exploration Achieves Another Major Breakthrough

The Hai 301 well in the Haizhong Depression of the Beibu Gulf Basin has obtained a high-yield oil and gas flow, with daily production of 1,108 cubic meters and 167 cubic meters of oil equivalent in two strata respectively, setting a new record for daily oil and gas production in the Beibu Gulf Depression.

Previously, the Hai-3 inclined well had obtained 1,010 cubic meters of oil equivalent in July 2024. The two thousand cubic meters of high-yield exploration wells confirmed that the Hai-3 structure was oil-bearing as a whole, showing the good exploration and development potential of the Haizhong Depression, and became a new highlight of Sinopec's strategic new area oil and gas exploration. The Haizhong Depression is located in the southwest of the Beibu Gulf Basin, about 110 kilometers away from Beihai City, Guangxi. Since the oil and gas exploration work began in 1982, it was once considered to have small resource potential and low commercial exploration value, and no commercial breakthroughs have been made. For many years, Sinopec has regarded this area as a new area to succeed the exploration strategy, carried out basic research in an all-round way, established and improved the theory of composite oil and gas accumulation, and laid a theoretical foundation for subsequent high-yield breakthroughs. In addition, with the support of subsequent technical breakthroughs, the successful implementation of the Hai-301 well was also guaranteed. Ma Yongsheng, chairman of Sinopec, said that China's marine oil and gas resources are rich and have become an important energy growth pole in China. In recent years, Sinopec has vigorously implemented the "Seven-Year Action Plan" and continued to exert its strength in the research, exploration and development of offshore oil and gas, achieving a leap from "deep earth" to "deep blue" in oil and gas exploration and development. In the next step, the company will accelerate the construction of Sinopec's offshore oil and gas resource replacement position of tens of millions of tons, and continue to promote oil and gas exploration and development in the mid- and deep-sea areas.