CNOOC starts pumping oil from Panyu project
- Business & Finance
China’s CNOOC Limited announced today that its Panyu 10-2/5/8 project has started production.
Panyu 10-2/5/8 project is located in the Pearl River Mouth Basin of the South China Sea with an average water depth of approximately 100 meters.
This project includes 3 oilfields, Panyu 10-2, Panyu 10-5 and Panyu 10-8 and was designed to share some facilities of Panyu 4-2 oilfield. The main newly-built production facilities include 1 wellhead platform and 9 producing wells.
Currently, there are 4 wells producing approximately 9,000 barrels per day, and the project is expected to hit its peak production of approximately 13,000 barrels per day in 2015.
Panyu 10-2/5/8 is an independent project in which the Company holds 100% interest.