CNOOC Ltd. on Sept. 18 said that the Penglai 19-3 oil field 1/3/8/9 comprehensive adjustment project has commenced production.
Penglai 19-3 oil field 1/3/8/9 comprehensive adjustment project is located in south central Bohai Sea, 216 km (134 miles) northwest from Tanggu and 80 km (49 miles) southeast from Penglai city. The average water depth of the oil field is 27 m (88 ft) to 33 m (108 ft). The project is fully utilizing the existing facilities in Penglai 19-3 oil field. Major production facilities include two wellhead platforms and a central processing platform. There are two wells currently producing. The project is expected to reach its peak production of approximately 58,700 barrels of crude oil per day in 2020.
The company holds 51% interest in Penglai 19-3 oil field and acts as the operator. ConocoPhillips (NYSE: COP) holds the remaining 49% interest.
“Successful production commencement of Penglai 19-3 oil field 1/3/8/9 comprehensive adjustment project will strongly support Bohai to stabilize its production at 30 million tons for another 10 years. We will put quality first and give priority to performance, so as to promote the company’s high-quality development while ensuring the HSE standard,” Yuan Guangyu, CEO of CNOOC Ltd., said.
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