Phase 2 of CNOOC’s operated Lufeng oilfield development project in the eastern South China Sea has begun production, the company said on Jan. 3.
The project, located in an average water depth of 136 m, consists of Lufeng 8-1, Lufeng 9-2 and Lufeng 14-8.
CNOOC said one new drilling platform was built for the project and that 14 development wells are planned, including 13 production wells and one water injection well.
CNOOC expects the project to achieve peak production of 22,600 bbl/d in 2025.
CNOOC Ltd. operates the project with 100% interest.
In September, the Lufeng 12-3 field started production. It is operated by SK Earthon with 39.2% interest on behalf of CNOOC, with 60.8% interest.
Recommended Reading
Cibolo Energy Closes Fund Aimed at Upstream, Midstream Growth
2024-09-10 - Cibolo Energy Management LLC closed its second fund, Cibolo Energy Partners II LP, meant to boost middle market upstream and midstream companies’ growth with development capital.
Post Oak Backs New Permian Team, But PE Faces Uphill Fundraising Battle
2024-10-11 - As private equity begins the process of recycling inventory, likely to be divested from large-scale mergers, executives acknowledged that raising funds has become increasingly difficult.
SandRidge Recasts Management with New Chairman, CFO
2024-10-03 - SandRidge Energy has appointed Vincent Intrieri as chairman to succeed Jonathan Frates, who will transition to the role of executive vice president and CFO.
After BKV’s IPO, Is Market Open to More Public SMID Caps?
2024-10-03 - The market for new E&P and energy IPOs has been tepid since the COVID-19 pandemic. But investor appetite is growing for new small- and mid-sized energy IPOs, says Citigroup Managing Director Dylan Tornay.
Investor Returns Keep Aethon IPO-ready
2024-10-08 - Haynesville producer Aethon Energy is focused on investor returns, additional bolt-on acquisitions and mainly staying “IPO ready,” the company’s Senior Vice President of Finance said Oct. 3 at Hart Energy’s Energy Capital Conference (ECC) in Dallas.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.