Production Delayed at Penglai Field

CNOOC has pushed back the commencement date of production from the Penglai Field due to technical difficulties with the FPSO. Production from the field was expected to commence in December. The new target date for production is set for early January. When the field does come onstream it is expected to have an initial flow rate between 40,000 to 50,000 barrels per day.

Partners in the field are CNOOC with a 51% interest and ConocoPhillips with a 49% interest.