CNOOC Ltd. (NYSE: CEO) has already commenced production for its Weizhou 12-2 oil field phase II project, the company said on Tuesday.
The Weizhou 12-2 oil field phase II project is located in Beibu Gulf in the South China Sea with an average water depth of approximately 35.7 m (about 117 ft). In addition to fully utilizing the existing facilities of Weizhou 12-2 oil field, the project has also built one wellhead platform.
There are seven wells currently producing approximately 6,400 barrels (bbl) of crude oil per day. The project is expected to reach its ODP designed peak production of approximately 11,800 bbl of crude oil per day in 2018.
The Weizhou 12-2 oil field phase II project is an independent oilfield in which the company holds 100% interest and acts as the operator.
CNOOC Nexen – part of the CNOOC group of companies – owns a 25% interest in the Stabroek Block offshore Guyana, along with partners Hess (30% interest) and ExxonMobil (45% interest).