CNOOC Limited announced Monday that Penglai 25-6 oilfield area 3 project has commenced production ahead of schedule.
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.
CNOOC said the project is expected to reach its peak production of approximately 11,511 barrels of crude oil per day in 2023.
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.
In Guyana, CNOOC holds 25% interest in the Stabroek block where 18 discoveries have been made since 2015 amounting to approximately 9 billion barrels of oil equivalent resources.