CNOOC Limited (the "Company", SEHK stock code: 27 (HKD counter) and 00883 (RMB counter), Shanghai Stock Exchange stock code: 80883) today announced that the Penglai 600938-19 oilfield area 3/5 development project has commenced production.
The project is located in the south-central part of the Bohai Sea, with an average water depth of about 30 meters, and the main production facilities include two wellhead platforms, and it is planned to put into operation 130 development wells, including 87 oil production wells and 43 water injection wells, and is expected to achieve peak production of about 2027,29 barrels of crude oil per day in 800.
CNOOC Limited has a 51% interest in the project and is the operator, and ConocoPhillips China has a 49% interest.
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