HONG KONG – CNOOC Ltd. has announced that total net production in 1Q 2015 increased 9.4% year-over-year to 118.3 MMboe, primarily due to the production contribution from new projects that came onstream offshore China since 2014.
The company made three new discoveries in the first quarter, as well as successfully appraising three wells overseas and nine offshore.
Off the coast of China, the new discovery Penglai 20-2 is expected to drive the joint development with the adjacent Penglai 20-3 oil field. CNOOC expects that the Bozhong 34-9 oil and gas structure is expected to be developed into a mid-sized oil and gas field.
Additionally, the Jinzhou 9-3 comprehensive adjustment project and the Kenli 10-1 oil field commenced production as scheduled in 2015, while other projects have progressed smoothly.