CNOOC Limited (NYSE: CEO) reported that the shallow formation of the Bozhong (BZ) 19-4 oil field in the Bohai Bay has commenced production.
The BZ19-4 oil field is located in the southwest part of Bohai Bay. With an averaged water depth of about 21 meters, the field is approximately 7 kilometers northwest of the BZ 25-1 oil field.
The development and production operation of BZ 19-4 oil field mainly rely on the facilities of the BZ 25-1/25-1S oil field. The new field is expected to hit its peak production of more than 15,600 barrels per day within the year.
Chen Bi, Executive Vice President of the Company, said, "BZ 19-4 oil field is one of the important projects planned to be brought on stream this year. The start-up of the field is again an evidence of our strong operating capability to improve the production performance via close cooperation with our partner."
BZ 19-4 (shallow formation) oil field is jointly developed by CNOOC and Chevron (NYSE:CVX). CNOOC Ltd. holds 83.8% interest and acts as the operator, while Chevron holds the remaining 16.2% interest.