CNOOC Limited (HKG: 0883) announced on Sunday that the Liuhua 16-2 oilfield/20-2 oilfield joint development project has started production.
Located in Eastern South China Sea, the project is expected to reach its peak production of approximately 72,800 barrels of crude oil per day in 2022. A total of 26 development wells are planned to be put into production and development at the project, which is said to have an average water depth of approximately 1,345 feet.
CNOOC Limited, which holds a 100 percent interest in the Liuhua 16-2 oilfield/20-2 oilfield joint development asset, has announced several production start-ups over the last few months. Earlier in September, for example, the company announced that the Nanbao 35-2 oilfield S1 area had commenced output and in July CNOOC Limited revealed that the Luda 21-2/16-3 regional development had started production.
Back in June, the company announced that the Qinhuangdao 33-1S oilfield phase I project had come online and in May it revealed that the Penglai 19-3 oilfield area 4 adjustment/Penglai 19-9 oilfield phase II project had commenced production.
The CNOOC Limited group is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world, according to its website. Its core operation areas are said to be in Bohai, the Western South China Sea, the Eastern South China Sea and the East China Sea in offshore China. The group has oil and gas assets in Asia, Africa, North America, South America, Oceania and Europe, its website shows.
As of December 31, 2019, the group owned net proved reserves of approximately 5.18 billion barrels of oil equivalent and its average daily net production was 1,387,564 barrels of oil equivalent, according to its website.
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