Benzinga | Aug 2, 2021 05:40AM EDT

CNOOC Announces Announced Commencement of Liuhua 21-2 Oilfield Production

CNOOC Limited (NYSE:CEO) today announced that Liuhua 21-2 oilfield has commenced production ahead of schedule.

Liuhua 21-2 oilfield is located in the eastern South China Sea, with water depth of about 437 meters. In addition to fully utilizing the existing processing facilities, the project has also built a set of underwater production system, with 8 development wells planned in total. The project is expected to reach its peak production of approximately 15,070 barrels of crude oil per day in 2023. Meanwhile, the oilfield recovers associated gas through the light hydrocarbon recovery system to effectively reduce methane emissions.

CNOOC Limited holds 100% interest in Liuhua 21-2 oilfield and acts as the operator.

As of now, the Liuhua 16-2 oilfield group, which is China's first independent deepwater oilfield group, including Liuhua 16-2, Liuhua 20-2 and Liuhua 21-2, was fully established.