China National Offshore Oil Corp (CNOOC), announced that the company has begun producing oil at two oilfields in the South China Sea.
The Wenchang 19-1 North oilfield is located at the west of the Pearl River Estuary basin in northern part of the South China Sea, with an average water depth of 120 to 130 meters, state media China Daily said.
The Wenchang 19-1 field, solely owned and operated by CNOOC, currently has three operation wells.
The other field, Weizhou 12-8 West oilfield, is located at the Beibu Gulf (Gulf of Tonkin) basin in the southwest part of the South China Sea, with an average water depth of 34 meters and five operation wells. It is one of the three oilfields in block 22/12 under the Beibu Gulf Project.
CNOOC operates the Weizhou 12-8 field and owns a 51% stake. The oilfield’s partnership also includes three Australian oil companies – Roc Oil (China) Company (19.6%), Horizon Oil (Beibu) Ltd (26.95%) and Oil Australia Pty Ltd (Majuko Corp.) (2.45%).
Both oilfields are expected to hit peak production within the year.