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Located 300km south-east of Hong Kong in a water depth of approximately 750m, the Liuhua 29-2 gas field includes a new subsea wellhead.

CNOOC said a new subsea wellhead has been built, with one development well planned that will utilise the existing production facilities of Liwan 3-1 gas field and other deepwater gas fields.

The company expects the Liuhua 29-2 gas field to reach peak production of approximately 41 million cubic feet of natural gas per day this year.

CNOOC operates the Liuhua 29-2 gas field with a 100% stake.

The Liwan 3-1 gas field forms part of the Liwan gas project, which is located in licence block 29/26, about 350km south-east of Hong Kong in the Pearl River Mouth Basin.

The $6.5bn Liwan gas project comprises three natural gas fields. These include the Liuhua 34-2 and Liuhua 29-1 in addition to Liwan 3-1.

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By GlobalData

Husky Energy owns a 49% stake in the Liwan 3-1 and Liuhua 34-2 fields while CNOOC holds the remaining 51% interest.

CNOOC holds a 25% stake in the Liuhua 29-1 gas field, which started production last year. Husky Oil owns the remaining 75% interest in the field.

The Liuhua 29-1 gas field is anticipated to reach peak production of around 62 million cubic feet of natural gas per day in 2022.

According to estimates, the Liwan gas field holds up to six trillion cubic feet of recoverable gas reserves.