CNOOC to Bring Penglai Field Onstream by Year-End

CNOOC Ltd. and partner ConocoPhillips are on scheduled to begin production from the Penglai 19-3 oilfield in the northeast Bohai Sea by the end of the year. Field reserves are estimated at 500 million barrels of oil equivalent. Penglai 19-3 is China's second largest single oilfield after the onshore Daqing oilfield in the northeast.

Designed capacity for the first phase of production at the Penglai 19-3 is 35,000 to 40,000 bpd and would rise to 150,000 bpd by 2006. CNOOC holds 51% interest in Penglai and ConocoPhillips holds the other 49%.