Top Chinese offshore oil producer CNOOC and Husky Energy have found a giant gas field in the nation's first deep-water discovery.

If its potential is confirmed and it is commercially viable, the field in the South China Sea would add as much as 7 per cent to China's gas reserves, as it strives to bolster natural gas consumption to diversify its energy base.
Husky, controlled by Hong Kong billionaire Li Ka-shing, said the field could contain 113.3 billion to 169.9 billion cubic metres of recoverable resources, ranking it among the country's biggest.
David Hurd, analyst at Deutsche Bank from Beijing, said, after appraisal work, CNOOC could book reserves in 12 to 24 months.
In comparison, China's largest-ever onshore gas discovery, announced this year by Sinopec, came to just over 250 billion cubic metres of recoverable reserves.
Total gas reserves in China is estimated at 83 trillion cubic feet (Tcf) .
'This discovery confirms our confidence in the significant undiscovered hydrocarbon potential in the South China Sea,' said Husky president and chief executive John C S Lau in a statement.