CNOOC Limited announced the commencement of production of Lufeng oil fields regional development project.
Also Read: BluePallet, the Chemical E-commerce Platform Adds Industry Veterans to Their Board
The Lufeng oil fields is located in Eastern South China Sea and mainly include Lufeng 14-4 oil field, Lufeng 14-8 oil field, Lufeng 15-1 oil field and Lufeng 22-1 oil field, with an average water depth of about 140-330 meters. The main production facilities include 2 drilling production platforms and 1 subsea production system. 35 development wells are planned to be put into production, including 26 production wells and 9 water injection wells. The project is expected to achieve its peak production of approximately 46,000 barrels of crude oil per day in 2023.
CNOOC Limited owns 100% interest in the Lufeng oil fields regional development project.
Mr.Xia Qinglong, president of the Company, commented, “The project adopts an integrated model of exploration, development and production, which maximized the asset value of oil fields region, meanwhile the safe commencement of production also safeguarded energy supply throughout the Greater Bay Area.”
These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate under the circumstances.
However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations.