China’s CNOOC Ltd. has started production at the Nanbao 35-2 oil field S1 area in northern China’s central Bohai Bay, the company said Sept. 11.
Peak production of about 1,800 barrels of crude oil per day is expected in 2021.
The major production facility includes one unmanned wellhead platform with plans for a total of three development wells.
CNOOC Ltd. holds 100% interest in the project.
The company’s 2020 Energy Transition Outlook forecasts that carbon emission reductions will fall far short of the Paris agreement’s 2050 goals.
The sale follows comments CEO Lorenzo Simonelli made recently about downsizing Baker Hughes’ oilfield services and equipment portfolio in preparation for the energy industry’s transition to a low-carbon future.
Clay Gaspar, president and COO at WPX Energy, sat down with Hart Energy’s Jessica Morales for an in-depth look at the shale producer’s outlook for the Permian and Williston basins along with the importance of ESG.