CNOOC Limited (NYSE: CEO, TSX: CNU) has announced that the Penglai 25-6 oilfield area 3 project has commenced production ahead of schedule.
The project, which is located in the south central Bohai Sea, is expected to reach its peak production of approximately 11,511 barrels of crude oil per day in 2023, CNOOC outlined. In addition to fully utilizing the existing processing facilities of the Penglai oilfields, the project has built a new wellhead platform, with 58 development wells planned in total, including 38 production wells and 20 water injection wells, CNOOC noted.
CNOOC holds a 51 percent interest in the Penglai 25-6 oilfield area 3 project and acts as the operator. Subsidiaries of ConocoPhillips hold the remaining 49 percent working interest.
CNOOC’s latest production startup is one of many the company has announced this year. Last month, CNOOC revealed that that the Liuhua 29-1 gas field had commenced production and in September the company revealed that the Bozhong 19-6 condensate gas field pilot area development project had started output.
Since June alone, CNOOC has announced a further five production startups. These comprise the Jinzhou 25-1 oilfield 6/11 area project, the Liuhua 16-2 oilfield/ 20-2 oilfield joint development project, the Nanbao 35-2 oilfield S1 area project, the Luda 21-2/16-3 regional development project and the Qinhuangdao 33-1S oilfield phase I project.
During the third quarter of this year, CNOOC achieved a total net production of 131.2 million barrels of oil equivalent, which the company said represented an increase of 5.1 percent year over year. Production from China was said to have increased by 10.4 percent year over year to 88.6 million barrels of oil equivalent.
CNOOC 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.
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