China's largest offshore oil producer said Tuesday that an oilfield it discovered in east China's Bohai Sea two years ago has proven to be the largest found in recent years in the region.

Tests have shown that the Penglai 9-1 oilfield is capable of producing 700 barrels of oil daily, the China National Offshore Oil Company (CNOOC) said in a statement.

Li Fanrong, CNOOC's CEO, said the oilfield will make key contributions toward stabilizing the region's oil output.