China National Offshore Oil Corporation (CNOOC) has commenced production at the Jinzhou 9-3 comprehensive adjustment project oilfield in the North Liaodong Bay in Bohai, China.

The main production facilities of the project in water depths ranging from 6.5m to 10.5m includes a central processing platform, one wellhead platform and 21 producing wells.

"15 wells are producing approximately 7,600 barrels of crude oil per day."

Currently, 15 wells are producing approximately 7,600 barrels of crude oil per day, with the project expected to reach its overall development plan (ODP) designed peak production of around 12,000 barrels per day later this year.

CNOOC also unveiled its business strategy and development plan for this year.

CNOOC CFO Zhong Hua said: "In response to challenges from falling oil prices, we will control our costs and strive for the effective implementation of our capital expenditure plan in order to improve the overall performance of the company."

The company’s net production target this year is in the range of 475 million barrels of oil equivalent (boe) to 495 million boe, with production from China and overseas accounting for approximately 67% and 33%, respectively.

CNOOC aims to produce around 509 million boe and 513 million boe in 2016 and 2017, respectively.

The company aims to drill 162 exploration wells and acquire around 36,000km of 2D seismic data, as well as approximately 14,000km² of 3D seismic data.