on october 27, cnooc limited announced that penglai 19-3 oilfield area 5/10 development project has commenced production. the project is located in south-central bohai sea, with an average water depth of approximately 30 meters. the main production facilities include 2 wellhead platforms. 130 development wells are planned to be commissioned, including 87 production wells and 43 water-injection wells. it is expected to achieve a peak production of approximately 29,800 barrels of crude oil per day in 2027. cnooc limited holds 51% interest in this project and acts as the operator, while conocophillips china holds the remaining 49% interest. |
