CNOOC Start Production of Two Oil and Gas Fields in Bohai Bay

CNOOC start production of two oil and gas fields in Bohai Bay

BEIJING, Dec. 28 (Xinhua) — China National Offshore Oil Company Limited (CNOOC Ltd.) launched production at two offshore oil and gas fields in Bohai Bay recently, company sources said on Friday.

The Bo Zhong (BZ) 34-1 oil field, located in southern Bohai Bay,could produce more than 4,800 barrels of crude oil a day at present. The peak daily production was expected at 12,000 barrels when more wells would be put into operation next year.

The Jin Zhou (JZ) 21-1 oil and gas field was located at Liaodong Bay in the Bohai Sea. It was currently producing 3.53 million cubic feet of natural gas a day. Its peak daily productionwas designed at 11 million cubic feet of natural gas and 1,000 barrels of oil.

Liu Jian, CNOOC Ltd. executive vice president, expected the twooil and gas fields to help the company realize its production target.

Incorporated in Hong Kong, CNOOC Ltd. is a 70.64-percent owned subsidiary of CNOOC, China’s largest offshore oil and gas producer.

CNOOC produced 167 million barrels of oil equivalent in 2006, up 7.9 percent year on year. It expected to boost its net output from 162 million to 170 million barrels of oil equivalent this year.

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