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China’s state-held oil and gas giant CNOOC began production on Monday from the largest secondary development and adjustment project in China, at the Suizhong 36-1/Luda 5-2 offshore oilfield.
The oilfield is developed to use onshore power supply of electricity produced from renewable energy sources, cutting operational emissions, CNOOC said in a statement.
The project, located in Liaodong Bay of Bohai Sea, has an average water depth of approximately 30 meters (98 ft). The main production facilities at the secondary development project included 2 new central processing platforms and 2 new wellhead platforms.
CNOOC, which holds 100% of the field, plans to have 18 development wells drilled, including 81 production wells and 37 water-injection wells.
The project is expected to achieve a peak production of around 30,300 barrels of crude oil per day (bpd) in 2025, the Chinese giant said.
Last month, CNOOC hiked its oil and gas production targets and capital expenditures to record-high levels as it looks to boost reserves and production.
CNOOC, whose net oil and gas production hit an all-time high of 675 million barrels of oil equivalent (boe) in 2023, now aims at an output of between 700 million and 720 million barrels of oil equivalent this year as it significantly raised its production targets in the 2024 business strategy and development plan.
The net production target for 2025 was set at 780 million to 800 million boe, and output in 2026 is planned to further rise to between 810 million to 830 million boe.
The company expects major new projects in China and the Mero3 project in Brazil to “strongly support production growth” this year.
CNOOC will also look to boost natural gas exploration activity in the South China Sea, the Bohai Sea, and onshore China.
In November, CNOOC started production from the first development phase of its Bozhong 19-6 offshore condensate gas field in the central Bohai Sea offshore eastern China.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.