The two fields are Panyu 4-2/5-1 oil field adjustment project and Liuhua 4-1 oil field.
Located at an average water depth of about 100 meters, the Panyu 4-2/5-1 oil field adjustment project is expected to begin peak production in 2014.
The largest offshore crude oil producer in China commenced the adjustment project to develop Panyu oil field efficiently by sharing the existing facilities.
CNOOC, along with Devon Energy, previously developed Panyu 4-2/5-1 oil field in Block 15/34 in 2003 and started commercial production.
CNOOC owns 75.5% interest and is the operator of Panyu oil field, while the remaining 24.5% interest is with Burlington Resources China.
The Liuhua 4-1 oil field, which is located at an average water depth of about 268 meters, is expected to begin peak production in 2013.
CNOOC, which is the operator of the field with 100% ownership, has developed a new subsea production system and shared the surrounding facilities for overall development of the Liuhua 4-1 oil field.
The oil producer said its average daily net production was 909,000 BOE as of 31 December 2011 from acquired net proved reserves of about 3.19 billion BOE.
CNOOC mainly operates in Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China, and has oil and gas assets in Asia, Africa, North America, South America and Oceania.
Image: China National Offshore Oil (CNOOC) has begun production at two oil fields in the Pearl River Mouth Basin of the South China Sea. Photo: courtesy of Daniel Berthold.