CNOOC Limited (NYSE: CEO, TSX: CNU) has announced that the Weizhou 11-2 oilfield phase II project has commenced production.
In addition to utilizing the existing processing facilities of the Weizhou 11-2 oilfield, the project has built one unmanned wellhead platform, CNOOC Limited revealed. A total of 13 development wells are planned for the asset, including seven production wells and six water injection wells, according to CNOOC, which said the project is expected to reach a peak production of approximately 6,000 barrels of crude oil per day next year.
CNOOC Limited holds a 100 percent interest in the Weizhou 11-2 oilfield phase II project and acts as the operator. The project, which is said to have a water depth of around 130 feet, is located in the Beibu Gulf in the South China Sea.
Last week, CNOOC Limited announced that China’s first offshore large-sized independent deepwater gas field, Lingshui 17-2, had commenced production. Back in May, the company revealed that the Liuhua 29-2 gas field had started production and in March, it revealed that the Caofeidian 6-4 oilfield had commenced output.
CNOOC Limited achieved total net production of 137.7 million barrels of oil equivalent in the first quarter of 2021, which represents an increase of 4.7 percent year on year, the company revealed in its key operational statistics report released in April. CNOOC Limited made two new discoveries and drilled 18 appraisal wells during the first quarter.
According to its website, the CNOOC group is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. As of December 31, 2020, the group owned net proved reserves of approximately 5.37 billion barrels of oil equivalent and its average daily net production was 1.44 million barrels of oil equivalent, its site shows.
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