Oil and gas news : China National Offshore Oil Corporation (CNOOC) and its partners have achieved production from the $6 billion worth Stampede oil and gas project, located in the deepwater US Gulf of Mexico.

The Stampede oil and gas field is located about 185 kilometres south of Fourchon in Louisiana. The offshore field is believed to contain more than 300 million barrels of oil equivalent recoverable resources.

Hess is the operator of the Stampede oil and gas field with a stake of 25%. Statoil, CNOOC and Chevron through their respective subsidiaries hold stakes of 25% each in the oil and gas field.

As part of the Stampede oil and gas project, the Knotty Head and the Pony discoveries contained in Green Canyon blocks 511, 512, and 468 were jointly developed by the partners.

While the Knotty Head field was discovered in 2005, the Pony field was discovered a year later in 2006.

According to CNOOC, the Stampede offshore platform will have a gross topsides processing capacity of nearly 80,000 barrels of oil per day to go along with 40 million standard cubic feet of natural gas per day, and 100,000 barrels of water injection capacity per day.

CNOOC revealed that as per the present development scope, the Stampede production facilities will feature six subsea production wells along with four water injection wells tied back to a Tension Leg Platform (TLP).

The Chinese firm says that three production wells have been completed, and production at the Stampede oil and gas field is anticipated to be increased through 2018.

Last week, CNOOC said that it intends to inject an investment of RMB70-80 billion ($11.1-12.7 billion) in 2018 to target 470-480 mBOE production. Apart from the Stampede oil and gas field, CNOOC expects to see four new projects to be commissioned this year.

  Chevron, CNOOC, Gulf of Mexico, Hess Corporation, Oil and gas news, Stampede oil and gas project, Statoil, US Gulf of Mexico, USA