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CNOOC starts up oilfield in S. China sea

(Reuters)
Updated: 2007-05-18 15:27

China's top offshore oil and gas producer, CNOOC Ltd. , said on?May 18, 2007?it has successfully brought on-stream an oilfield in the South China Sea.

China's top offshore oil and gas producer, CNOOC Ltd. , said on?May 18, 2007?it has successfully brought on-stream an oilfield in the South China Sea. [newsphoto]

CNOOC said in a statement that Weizhou 11-1, an independent oilfield in the western part of the sea, had one well producing over 2,100 barrels of oil per day (bpd). The oilfield, 100 percent owned by CNOOC, is expected to produce 7,200 bpd of oil at its peak.

CNOOC has said it aims to put into operation five projects this year, compared with seven in 2006.

The company's offshore China crude production fell about 3 percent in the first quarter of this year. Company executives attributed the drop to a 10 to 20 percent natural depletion at its fields but said they were confident that production would increase over coming years.