China: CNOOC Ltd Announces Outstanding Production Performance of New Field BZ19-4

CNOOC Limited announced today that Bozhong (BZ) 19-4 (shallow formation) oil field in the Bohai Bay has commenced production recently.

This oil field is located in the southwest part of Bohai Bay. With an averaged water depth of about 21 meters, the field is approximately 7 kilometers northwest of BZ 25-1 oilfield.

The development and production operation of BZ 19-4 oil field mainly rely on the facilities of BZ 25-1/25-1S oilfield. The field is expected to hit its peak production of more than 15,600 barrels per day within the year.

Mr. Chen Bi, Executive Vice President of the Company, said, “BZ 19-4 oil field is one of the important projects planned to be brought on stream this year. The startup of the field is again an evidence of our strong operating capability to improve the production performance via close cooperation with our partner.”

BZ 19-4 (shallow formation) oil field is jointly developed by CNOOC Ltd. and Chevron. CNOOC Ltd. holds 83.8% interest and acts as the Operator, while Chevron holds the remaining 16.2% interest.

China National Offshore Oil Corporation is the third-largest National Oil Company (NOC) in the People’s Republic of China next to CNPC, Sinopec. It focus on the exploitation, exploration and development of crude oil and natural gas offshore of China. Its listed arm CNOOC Ltd shares are traded in Hong Kong and New York. China Oilfield Services (COSL) is a fellow subsidiary of CNOOC Limited listed in Hong Kong.


Source: Cnooc, August 9, 2010: