The partners on China’s Beibu Gulf project have made their final investment decision for two oil fields, WZ6-12 and WZ12-8, in Block 22/12 in the Beibu Gulf, South China Sea. The project investment and Overall Development Plan have now been submitted to the relevant Chinese Government Authority for formal approval, stated Roc Oil.
As a result of the FID approval, 2P reserves of 24 MMBBL will be booked for the project. According to Horizon Oil, a partner on the project, early development preparation activities, such as preliminary engineering design work and bidding for long-lead equipment are underway.
Field development plans consist of utilizing existing CNOOC-operated facilities, including: water disposal wells; oil and gas export facilities; and the Weizhou Island oil terminal. A new CNOOC-operated integrated processing platform will host production from two unmanned platforms on the WZ 6-12 and WZ 12-8 West fields, and support production from other fields. Eleven development wells are scheduled for drilling during 2012 and 2013, with first production anticipated before year-end 2012.
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