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CNOOC Limited announced the commencement of production at the Jinzhou 25-1 oilfield 6/11 area in central Liaodong Bay, Bohai on Sept. 28, 2020.
This project includes utilizing existing facilities and building an eight-legged wellhead platform with plans for 19 production wells and 10 water injection wells.
Peak production is expected to reach approximately 16,500 barrels per day in 2023.
CNOOC Limited announced the commencement of production at the Liuhua 16-2 and 20-2 oilfields, located in the Eastern South China Sea. This joint development project involves the deployment of a 150,000 DWT FPSO and three underwater production systems, with plans for 26 development wells. The project aims to achieve a peak production of approximately 72,800 barrels of crude oil per day by 2022. CNOOC holds a 100% interest in these oilfields, marking a significant advancement in their operational capabilities.
CNOOC Limited announced that its first offshore wind power project has successfully connected to the grid and started power generation. This project is located near Jiangsu Province, featuring a total installed capacity of 300 MW from 67 wind turbines. The initial set of turbines is operational, with full on-grid production expected by the end of 2020, generating approximately 860 million kWh annually. This initiative supports the company's transition to green energy and aims to reduce CO2 emissions by 571,000 tons per year, contributing to the Yangtze River Delta's green development.
CNOOC Limited (CEO) announced the commencement of production at the Nanbao 35-2 oilfield S1 area in Bohai, with an average water depth of 17 meters. Utilizing existing facilities, the project includes one unmanned wellhead platform and three planned development wells, aiming to peak at approximately 1,800 barrels of crude oil per day in 2021. The company holds a 100% interest in this oilfield.
CNOOC Limited reported its 2020 interim results for the six months ending June 30, achieving a 6.1% increase in oil and gas production to 257.9 million BOE. The company made five discoveries and appraised 20 oil and gas structures, including a significant find in the Huizhou 26-6 field. Despite challenges from low oil prices and COVID-19, revenue reached RMB66.34 billion with a net profit of RMB10.38 billion. The all-in cost per BOE was reduced to US$25.72. An interim dividend of HK$0.20 per share was declared, reflecting strong cash flow and a solid balance sheet.
CNOOC Limited announced the commencement of production at the Luda 21-2/16-3 regional development project on July 20, 2020. Located in the Bohai Sea, about 39 kilometers from the Luda 10-1 oilfield, the project includes one central platform and three wellhead platforms. It is expected to reach peak production of approximately 25,600 barrels of crude oil per day by 2022. CNOOC holds a 100% interest in this development, which involves a total of 69 planned development wells.
CNOOC Limited announced a major oil and gas discovery in the Huizhou 26-6 structure, located in the Eastern South China Sea. This find marks the first mid-to-large sized condensate field in the Pearl River Mouth Basin's shallow waters. The discovery well HZ26-6-1 produced approximately 2,020 barrels of oil and 15.36 million cubic feet of gas daily from a total pay zone thickness of about 422.2 meters.
This exploration breakthrough highlights the significant potential for future resource development in the region.