• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 49 mins WTI @ $75.75, headed for $64 - 67
  • 15 hours The Dirt on Clean Electric Cars
  • 6 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 3 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 6 hours These are the world’s most competitive economies: US No. 1
  • 22 hours Uber IPO Proposals Value Company at $120 Billion
  • 5 hours The end of "King Coal" in the Wales
  • 54 mins EU to Splash Billions on Battery Factories
  • 5 hours Coal remains a major source of power in Europe.
  • 13 hours Poland signs 20-year deal on U.S. LNG supplies
  • 1 hour U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 1 day UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
Oil Prices Subdued, But For How Long?

Oil Prices Subdued, But For How Long?

Oil prices may have closed…

CNOOC and ConocoPhillips Work to Reopen China's Largest Oilfield

The Penglai 19-3 offshore oilfield is operated by CNOOC, China’s largest oil and gas producer, and ConocoPhillips (NYSE: COP), and is the largest offshore oilfield in the country. Two years ago it was producing 62,000 barrels of oil a day, and, according to Bloomberg, provided CNOOC with around 7 percent of its targeted daily oil and gas production.

In September 2011 drilling activity in the field caused more than 3,200 barrels of oil to spill into North China’s Bohai Bay, and the whole field was ordered to be shutdown. CNOOC and ConocoPhillips then worked to clean the spill up, and paid around $160 million in compensation to local fisherman, whose lives had been severely affected by the spill.

Related Article: Jordan Reels from Fuel Shortages

The Penglai field has moved one step closer to re-opening after China’s economic planner, the National Development and Reform Commission, approved the new development plan in December.

A spokesman for CNOOC stated that they “still have to go through other regulatory approvals and meet requirements before the site can resume production.”

Shi Yan, an analyst at UOB-Kay Hian Ltd, claimed that “production at its full capacity could be achieved within six months of the restart.”

By. Charles Kennedy of Oilprice.com


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News