CITIC Resources has announced the completion of preparation for oil drilling in the first pilot testing area on the artificial island in Hainan Yuedong Block, Bohai Bay Basin. Management of CITIC Resources today hosted a drill ceremony on the island.
Since CITIC Resources completed the acquisition of 90% interest in Tincy Group Energy Resources Limited in October 2007, the Company has been putting its utmost effort in constructing and enhancing the function of its first artificial island, and constructing two supplementary production platforms in addition. All construction will be completed within only two years. Until now, the construction of foundation for drilling and the pre-drilling preparation is completed, and the construction of production facilities will be concluded in September. After a series of combined testing, the platform has equipped with oil extraction capability.
Tincy Group is the operator of the Hainan Yuedong block, and the petroleum contract lasts until 2034. The oil field covers a sea area of approximately 110 square kilometers.
Mr. SUN Xinguo, the Chief Executive Officer of the Company, said, "After 2 years' intense work schedule, we are delighted that the construction of production facilities in the first pilot testing area on the artificial island in Hainan Yuedong Block has been completed successfully, which allows us to commence oil production in the right time. In view of the current construction, we see the high operating efficiency and the professionalism of the whole management team, which is able to choose the most practical and advanced technology, implement prudent cost control and make use of the favorable factors in all aspects. We believe that as the first pilot testing artificial island is successfully constructed and put into production, the Company’s oil business will be further expanded."
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