Investing.com - Hong Kong-listed China National Offshore Oil Corporation (HK:0883) (CNOOC) has made a new discovery on the Glengorm prospect in offshore U.K. Central North Sea.
In a statement published on the company’s website on Tuesday, CNOOC said the new discovery is located in License P2215 with a water depth of approximately 86 meters. The exploration well Glengorm was drilled to a total depth of 5,056 meters and encountered net gas and condensate pay zones with a total thickness of 37.6 meters.
Despite the news, CNOOC’s shares were down 2.8% to HK$12.68 by 12:33 AM ET (05:33 GMT).
On Monday, China’s National Development and Reform Commission (NDRC) raised the retail prices of gasoline and diesel by 245 yuan (about $36.4) and 230 yuan per tonne respectively.
The NDRC demanded that major oil companies, including CNOOC, “ensure stable supply” and implement the new pricing policy.