CNOOC Flows First Oil from Luda 10-1 Project in Bohai Offshore China

CNOOC Flows First Oil from Luda 10-1 Project in Bohai, Offshore China
CNOOC flows first oil from the Luda 10-1 comprehensive adjustment project in Bohai, offshore China.

China National Offshore Oil Corp. Ltd. (CNOOC) flowed first oil from the Luda 10-1 comprehensive adjustment project in Bohai, offshore China, the company announced Tuesday.

The Luda 10-1 oilfield, located in Liaodong Bay of Bohai in average water depth of approximately 98 feet (30 meters) and which utilizes fully the existing facilities of Luda 10-1, has one wellhead platform.

Current production, flowing from 13 wells, is approximately 3,300 barrels of crude oil per day. The Luda 10-1 comprehensive adjustment project is expected to reach its ODP (overall development plan) designed peak production capacity of approximately 6,000 barrels of crude oil per day in 2016.

CNOOC holds a 100 percent operating interest in the Luda 10-1 comprehensive adjustment project.

WIth the commencement of oil production from the Luda 10-1 development, CNOOC has brought on stream five of the seven new projects planned this year, as laid out in the company's 2015 Business Strategy and Development Plan announced in early February.

Jinzhou 9-3 oilfield in North Liaodong Bay in Bohai was the first project to be brought on stream in early February, followed by the shallow-water Kenli 10-1 oilfield, which lies to the south of Bohai, in late April. CNOOC then flowed first gas from the Dongfang1-1 project ahead of schedule around mid June, followed by Bozhong 28/34 development in Bohai in late June.

Two more projects, Weizhou 12-2 oil field joint development and Weizhou 11-4N oil field Phase II -- both in Western South China Sea -- are scheduled to commence production in second half 2015. These two projects, together with the other five brought on stream earlier, would enable CNOOC to achieve its 2015 net production target of around 475 to 495 million barrels of oil equivalent.


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