Panyu FPSO Delivered to CNOOC

CNOOC has taken delivery of their newly completed 150,000dwt FPSO. The FPSO will go to work on the Panyu 4-2 and Panyu 5-1 fields located in the Pearl River Delta basin of South China Sea. The unit is scheduled to begin operations on September 1st and will be capable of processing 4.5 million metric tons of highly viscous crude per year. China State Shipbuilding Corp was awarded the contract last year and actual construction took only 16 months. The Panyu FPSO measures 859 feet in length, 151 feet in width and has a draft of 56 feet. Devon is the operator of the field and holds a 49% interest and CNOOC holds the remaining 51%.