HONG KONG – CNOOC Ltd. (NYSE: CEO) reports that its Panyu 34-1/35-1/35-2 project has begun production.
The Panyu 34-1/35-1/35-2 project is in the Pearl River Mouth basin of the South China Sea, with water depths ranging 195-338 m (640-1,109 ft). It consists of three gas fields: Panyu 34-1, Panyu 35-1, and Panyu 35-2. The main production facilities include one platform, two sets of underwater production systems, and 13 producing wells. There are currently two wells producing 21 MMcf/d (594,654 cm/d) of natural gas.
The project is expected to reach its designed peak production of 150 MMcf/d (4.2 MMcm/d) in 2015.
Panyu 34-1/35-1/35-2 is an independent project in which the company holds 100% interest.