Deals - Joint Ventures | Field Development | Production Start Up | Offshore
CNOOC-Conoco JV Penglai Project Begins Production Offshore China
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CNOOC Limited announced that Penglai 25-6 oilfield area 3 project has commenced production ahead of schedule.
CNOOC Limited holds a 51% interest in Penglai 25-6 oilfield area 3 project and acts as the operator. Subsidiaries of ConocoPhillips hold the remaining 49% working interest.
The Penglai 25-6 oilfield area 3 project is located in the south central Bohai Sea, with average water depth of about 27 meters. In addition to fully utilizing the existing processing facilities of 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.
The project is expected to reach its peak production of approximately 11,511 barrels of crude oil per day in 2023.
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