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November 12, 2021updated 28 Apr 2022 5:43am

Lufeng 12-3 Conventional Oil Field, China

By Carmen

Lufeng 12-3 is a conventional oil development located in shallow water in China and is operated by SK Innovation. Discovered in 2018, Lufeng 12-3 lies in block Block 17/03, with water depth of around 787 feet.

The project is currently in construction stage and is expected to start commercial production in 2023. Final investment decision (FID) of the project was approved in 2021. The Lufeng 12-3 conventional oil development will includes fixed platform and FPSOs.

Field participation details

The field is owned by SK Innovation and China National Offshore Oil.


Production from Lufeng 12-3

Production from the Lufeng 12-3 conventional oil development project is expected to begin in 2023 and is forecast to peak in 2025, to approximately 98,500 bpd of crude oil and condensate. Based on economic assumptions, the production will continue until the field reaches its economic limit in 2081.


Remaining recoverable reserves

The field is expected to recover 664.8 Mmboe, comprised of 664.8 Mmbbl of crude oil & condensate.


Contractors involved in the Lufeng 12-3 conventional oil field

Some of the key contractors involved in the Lufeng 12-3 project as follows.

Design/FEED Engineering: CNOOC Research Institute

Main EPC: China National Offshore Oil and SK Innovation

EPC Contractors: Shenzhen Hengfa Electromechanical Equipment, TEDA Dongxu Ocean Engineering Technology Service, Zhanjiang Junjun Offshore Engineering, Zhanjiang Manjianghong Engineering Service and Zhanjiang Zhanhongtu Engineering Service

Other Contractors: American Bureau of Shipping, Bluewater Energy Services, China State Shipbuilding, CNOOC Environmental Protection Services (Tianjin) and Guanghanchuan Oil Well Control Equipment

About SK Innovation

SK Innovation Co Ltd (SK Innovation) is an integrated energy and petrochemical company. It explores for and produces crude oil and natural gas; transportation of crude oil; and production of oil products such as gasoline and diesel. The company carries out refining operations and produces petrochemicals, including basic chemicals, high-performance chemicals and lubricants through subsidiaries. It also produces information and electronic (I/E) material products for information technology applications and lithium-ion batteries for electric vehicles. The company sells its products to domestic and international customers. It operates essentially in countries in Europe and Asia. SK Innovation is headquartered in Seoul, South Korea.

Methodology

Information on the field is sourced from GlobalData’s fields database that provides detailed information on all producing, announced and planned oil and gas fields globally. Not all companies mentioned in the article may be currently existing due to their merger or acquisition or business closure.

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