China National Offshore Oil Company Limited (CNOOC Ltd.), China's largest offshore oil and gas producer, announced Monday that the company had made a new oil discovery in east China's Bohai Bay.

The Penglai(PL) 9-1 well, at a depth of about 29 meters, yielded 540 barrels of crude oil a day during test drilling, said a report posted on the company's website.

The company sank the well 1,505 meters deep and hit an oil-bearing layer 77 meters thick.

Zhu Weilin, executive vice president of the CNOOC Ltd., said the well could be another significant discovery in the Bohai Bay.

CNOOC Ltd., a listed subsidiary of China National Offshore Oil Corporation (CNOOC), produced 227.7 million barrels of oil equivalent in 2009