Lufeng 12-3 is a conventional oil development located in shallow water in China and is operated by SK Innovation. According to GlobalData, who tracks more than 34,000 active and developing oil and gas fields worldwide, Lufeng 12-3 was discovered in 2018, lies in block Block 17/03, with water depth of around 787 feet. Buy the profile here.
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 involve the drilling of approximately 13 wells and includes FPSO and wellhead platforms.
Field participation details
The field is owned by China National Offshore Oil and SK Innovation.
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 664.80 Mmboe, comprised of 664.80 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: SK Innovation and China National Offshore Oil
EPC Contractors: Zhanjiang Junjun Offshore Engineering, Zhanjiang Manjianghong Engineering Service, Shenzhen Hengfa Electromechanical Equipment, Zhanjiang Zhanhongtu Engineering Service and TEDA Dongxu Ocean Engineering Technology Service
Other Contractors: Bluewater Energy Services, China State Shipbuilding, American Bureau of Shipping, 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. 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.
For more details on the Lufeng 12-3 Conventional Oil Field, buy the profile here.
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GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
This information is drawn from GlobalData’s Oil & Gas Intelligence Center, which provides detailed profiles of 34,000+ oil and gas fields, 400,000+ exploration blocks, 1,100+ LNG terminals, 3,400+ gas processing plants, 5,000+ storage terminals, and 8,000+ pipelines, 1,400+ refineries and 13,000+ petrochemical plants worldwide.
