CNOOC Ltd, a listed branch of China National Offshore Oil Corp., has launched its combined Penglai 19-3 oilfield area 4 adjustment and Penglai 19-9 oilfield phase II project.

The offshore development is in China's Bohai Bay and is expected to reach peak production of 15,681 bbl/d of crude oil in 2022.

CNOOC holds a 51% interest in the project and is the operator. ConocoPhillips China, a subsidiary of U.S. oil giant ConocoPhillips Co., holds a 49% interest.