CNOOC Limited announced that Panyu 4-2/5-1 oil field adjustment project and Liuhua 4-1 oil field located in the Pearl River Mouth Basin of South China Sea, successfully commenced production.
Panyu 4-2/5-1 oil field has an average water depth of about 328 feet (100 meters). The adjustment project was designed to share the existing facilities to develop Panyu 4-2/5-1 oil field more effectively. The adjustment project was expected to hit its peak production in 2014.
The Company holds 75.5 percent interest and acts as the Operator of Panyu 4-2/5-1 oil field. Our partner Burlington Resources China holds the remaining 24.5 percent interest.
Liuhua 4-1 oil field has an average water depth of about 879 feet (268 meters). In view of the features of the oil field, the Company built a new subsea production system while sharing the surrounding facilities for overall development. This project is expected to hit its peak production in 2013.
Liuhua 4-1 is an independent oil field in which the Company holds 100 percent interest and acts as the Operator.
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