CNOOC bringing more fields onstream offshore China

Offshore staff

HONG KONGCNOOC has issued a review of its operations offshore China during the first half of 2015.

The company achieved a mid-sized light crude oil discovery, Liuhua 20-2, in the eastern South China Sea, likely to be developed with the nearby Liuhua 16-2 and Liuhua 23-1 oil and gas structures.

Another mid-size find was Penglai 20-2 in the Bohai region.

Five of the seven projects scheduled to come onstream in 2015 entered production, namely the Jinzhou 9-3 oil field comprehensive adjustment, Bozhong 28/34 oil fields comprehensive adjustment, Kenli 10-1 oil field, Dongfang 1-1 gas field Phase 1 adjustment, and Luda 10-1 oil field comprehensive adjustment.

The other two new projects are said to be making good progress.

In addition, CNOOC has changed its performance evaluation system to motivate its subsidiaries to implement more stringent cost control and optimized management mechanisms, and focused on reducing operational costs.

The company’s all-in cost during the period was $41.24/boe, down 4.5% year-on-year, while its operating cost was $9.60/bbl, down 18.5% on the first half of 2014.

CNOOC’s net oil and gas production totalled 240.1 MMboe, up 13.5%, mainly due to contributions from new projects in Bohai and the eastern South China Sea.

08/26/2015

 

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