An oilfield was discovered in the South China Sea on Friday, and it has proven oil and gas reserves reaching 102 million tonnes of oil equivalent, according to the China National Offshore Oil Corporation (CNOOC).

The Kaiping South oilfield, featuring light crude oil, is located in the eastern part of the South China Sea, approximately 300 km from Shenzhen, Guangdong Province. The average depth of the ocean at the oilfield is about 500 meters and the deepest hole drilled is 4,831 meters deep.

Zhou Xinhuai, chief executive officer of the CNOOC, said exploring deep water and drilling deep holes will lead to an increase in oil and gas reserves and output.