CNOOC commences production at two additional fields
China's oil and gas heavyweight, CNOOC (NYSE:CEO, SEHK:883) confirmed that it had started flowing the black stuff from two new oil fields, offshore China.
At the WZ11-1E oil field, Beibu Gulf Basin, South China Sea, production has commenced, with flows expected to peak at around 3,000 barrels of oil per day (bopd). The three wells online at the oil field have been tied into facilities on the adjacent field.
Production has also commenced from BZ 3-2 in Bohai Bay, where seven wells have been placed into production.
Production from the field is expected to peak at 4,800 bopd this year.
"We have accumulated a set of effective technologies for marginal fields based on rolling development and regional development during our offshore operations. The application of these technologies has contributed greatly to the successful development of WZ 11-1E and BZ 3-2," Chen Bi, Executive Vice President of CNOOC said.
CNOOC holds 100% interests and acts as the operator in both fields.
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