CNOOC kickstarts production at Penglai 19-3 Oilfield Area 5/10 in Bohai Sea

CNOOC Limited, a key player in the global energy sector, has announced the commencement of production at the Penglai 19-3 Oilfield Area 5/10 Development Project. This project, a significant addition to the energy resources in the south-central Bohai Sea, is notable for its strategic location and expected high output. Situated in an area with an average water depth of around 30 meters, the project is set to be a new benchmark in offshore oil production.

The Penglai 19-3 Oilfield project is equipped with major production facilities including two wellhead platforms. The development plan includes the commissioning of 130 development wells, comprising 87 production wells and 43 water-injection wells. These installations play a crucial role in optimizing the oil recovery process and extending the field’s productive life. The project is poised to reach a peak production level of approximately 29,800 barrels of crude oil per day by 2027, marking a significant contribution to the region’s and potentially global oil supply.

CNOOC Limited, known for its expertise and efficiency in offshore oil and gas exploration and production, holds a 51% interest and is the operator of the project. ConocoPhillips China, another major name in the industry, holds the remaining 49% interest. This partnership underscores a collaborative approach in energy resource development and highlights the continued investment and growth in the sector. The Penglai 19-3 project not only enhances CNOOC Limited’s portfolio but also strengthens the energy infrastructure in the Bohai Sea region.

The initiation of the Penglai 19-3 Oilfield Area 5/10 Development Project by CNOOC Limited reflects the company’s commitment to sustainable and efficient energy production. It also showcases the dynamic nature of the global oil and gas industry, adapting to meet the increasing energy demands while navigating environmental and technological challenges. This project stands as a testament to CNOOC Limited’s role as a leader in the energy sector and its capability to manage large-scale, complex offshore developments.