BEIJING, March 8 Reuters Chinese stateowned oil and gas giant CNOOC Ltd has discovered a new reserve in the South China Sea containing over 100 million tons of oil equivalent proved inplace, the company said in a statement on Friday.

The reserve is located at CNOOC39;s deepwater Kaiping South oilfield in the Pearl River Delta near Guangdong province, and contains light crude, the statement said.

CNOOC has invested heavily in developing China39;s offshore oil and gas reserves as part of a broader push to offset declining output from aging onshore fields.

The company lifted its 2024 production target by about 8 to a record 700 million to 720 million barrels of oil equivalent. Domestic production, much of this offshore reserves in eastern China39;s Bohai Sea and the South China Sea.

Reporting by Andrew Hayley; Editing by Cynthia Osterman

Source Reuters