Hong Kong based oil and gas explorer CNOOC announced that Penglai 25-6 oilfield area 3 project has commenced production ahead of schedule.
The Penglai 25-6 oilfield area 3 project is located in the south central Bohai Sea, with average water depth of about 27 meters. In addition to fully utilizing the existing processing facilities of Penglai oilfields, the project has built a new wellhead platform, with 58 development wells planned in total, including 38 production wells and 20 water injection wells.The project is expected to reach its peak production of approximately 11,511 barrels of crude oil per day in 2023.
CNOOC Limited holds a 51% interest in Penglai 25-6 oilfield area 3 project and acts as the operator. Subsidiaries of ConocoPhillips hold the remaining 49% working interest.
In 1999, the Penglai-19-3 field was discovered through the joint efforts of ConocoPhillips China and CNOOC. Located in Block 11/05 of China’s Bohai Bay, the Penglai oilfield remains the largest field of its kind discovered in China. The Penglai oilfields are located in 30m-deep waters approximately 235km southeast of Tanggu, Tianjin, China. The Block 11/05 is spread over approximately 2.3 million acres.
The Bohai Sea is a marginal sea located on the east coast of mainland China. It is the northwestern and innermost extension of the Yellow Sea, to which it connects to the east via the Bohai Strait.
(Source: CNOOC)