China’s state-owned offshore oil and gas firm CNOOC has announced the commencement of production at the 16-2 oilfield / 20-2 oilfield joint development project.
Located in the Eastern South China Sea, the project is part of the Liuhua cluster.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The Liuhua oil fields project includes the joint development of the Liuhua 16-2, 20-2 and 21-2 oil fields. The three fields lie in the South China Sea in water depths ranging from 380m to 430m.
With an average water depth of 410m, the 16-2 oilfield / 20-2 oilfield development project includes one 150,000 DWT floating production storage and offloading (FPSO) and three underwater production systems.
According to CNOOC, a total of 26 development wells are proposed to be put into production and development at the project site.
The project is expected to reach ‘peak production’ capacity of 72,800bpd of crude oil in 2022.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataCNOOC holds a 100% interest in the Liuhua joint development project.
Recently, CNOOC commenced production at the Nanbao 35-2 oilfield S1 area offshore China.
Last month, CNOOC said that its profits in the first half of the year plummeted by nearly two-thirds as the Covid-19 pandemic affected fuel demand. In the first half of this year (H1-2020), CNOOC registered a profit of $1.5bn.
In June, CNOOC announced that it made a significant discovery of Huizhou 26-6 in the Eastern South China Sea.
