CNOOC Limited Announces Penglai 19-3 Oilfield Area 5/10 Development Project Commences Production

Source Press Release
Company CNOOC LimitedConocoPhillips 
Tags Production/Development, Upstream Activities
Date October 27, 2023

CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces today that Penglai 19-3 Oilfield Area 5/10 Development Project has commenced production.

The project is located in south-central Bohai Sea, with an average water depth of approximately 30 meters. The main production facilities include 2 wellhead platforms. 130 development wells are planned to be commissioned, including 87 production wells and 43 water-injection wells. It is expected to achieve a peak production of approximately 29,800 barrels of crude oil per day in 2027.

CNOOC Limited holds 51% interest in this project and acts as the operator, while  ConocoPhillips China holds the remaining 49% interest.

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