• 5 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 7 minutes Can LNG Kill Oil?
  • 8 minutes Question: Why are oil futures so low through 2020?
  • 11 minutes US Shale: Technology
  • 9 hours “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 3 hours CoV-19: China, WHO, myth vs fact
  • 3 hours Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 13 hours Blowout videos
  • 4 hours Has Trump put the USA at the service of Israel?
  • 18 hours Democrats Plan "B" Bloomberg Implodes. Plan "C" = John Kerry ?
  • 3 hours Oil Stocks
  • 2 days Question - What if there are no buyers for Chevron's Appalachia Assets?
  • 2 hours Foxconn cancelled the reopening of their mfg plants scheduled for tomorrow. Rescheduled to March 3rd. . . . if they're lucky.
  • 2 days Natural Gas
  • 2 days Cheap natural gas is making it very hard to go green
  • 2 days Energy from thin air?
Another Major Car Maker Is Backing Hydrogen

Another Major Car Maker Is Backing Hydrogen

The hydrogen fuel cell market has…

The Next Renewable Energy Source Could Be Rain

The Next Renewable Energy Source Could Be Rain

The search for next great…

CNOOC and ConocoPhillips Work to Reopen China's Largest Oilfield

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



Join the discussion | Back to homepage


Leave a comment

Leave a comment

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