China Sea oil field development wins sanction

Offshore staff

SYDNEY, Australia – China’s State Oceanic Administration has approved the Environmental Impact Assessment (EIA) for the Beibu Gulf project in the South China Sea.

This allows work to start on development of the WZ 6-12 and WZ 12-8 West oil fields. However, the partners await final approval for sanction of the project by the National Development and Reform Commission.

Fabrication activities are under way and offshore pipeline installation should start in March. Platform installation should be completed before mid-year, at which point a campaign of four exploration/appraisal wells will begin, to be followed by development drilling.

CNOOC anticipates first oil from the Beibu Gulf project by end-2012, building to peak production during 2013.

The partners are: CNOOC (51%); Roc Oil (19.60%); Horizon Oil (14.70%); Petsec Petroleum (12.25%); and Oil Australia (2.45%).

2/27/2012

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