CNOOC in China Production First

CNOOC in China Production First
CNOOC Limited (NYSE: CEO, TSX: CNU) announced Friday that China's first offshore large sized independent deepwater gas field, Lingshui 17-2, has started production.

CNOOC Limited (NYSE: CEO, TSX: CNU) announced Friday that China’s first offshore large sized independent deepwater gas field, Lingshui 17-2, has started production.

A new semi-submersible production platform has been built at the field, where a total of 11 production wells are planned. The field is expected to reach peak production of 328 million cubic feet of natural gas and 6,751 barrels of condensate per day in 2022, according to CNOOC Limited.

Located in the northern sea of Qiongdongnan Basin with a water depth of approximately 1,560 meters, Lingshui 17-2 is said to have proven geological resources of natural gas exceeding 100 billion cubic meters. CNOOC Limited holds a 100 percent operated interest in Lingshui 17-2.

“Commencement of production in Lingshui 17-2 gas field indicates the company has taken a leap towards the 1,500 meters ultra-deepwater field, further releasing the company’s natural gas potential,” Wang Dongjin, the chairman of CNOOC Limited, said in a company statement.

“In the future, CNOOC Limited will continue to enhance our exploration and development activities, strive to expand reserves and production, increase the proportion of green, low-carbon as well as clean energy, and hence to support the goal of carbon emission peak and carbon neutrality to be achieved at an early date,” he added in the statement.

Earlier this month, CNOOC Limited revealed that the Liuhua 29-2 gas field had commenced production. Situated in the eastern South China Sea, this field is expected to reach peak production of approximately 41 million cubic feet of natural gas per day in 2021, according to the company.

The CNOOC group is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world, its website shows.

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