China Develops New Oil Field in Bohai Sea
Posted on: Saturday, 12 November 2005, 09:00 CST
China develops new oil field in Bohai Sea
BEIJING, Nov. 11 (Xinhua) -- China National Offshore Oil Company Limited announced Friday it has put a new oil field into operation in the Bohai Sea with daily production capacity hitting a peak of 13,800 barrels of oil.
The newly-developed oil field, the Caofeidian 11-3/5, is located in western part of Bohai Bay, at an average water depth of about 25 meters.
To enhance economic returns, the oil field has been put into joint operation with the neighboring oil fields.
Liu Jian, executive vice president of the company, said that the successful operation of the new oil field is an excellent example of CNOOC's cooperation with the international partners.
CNOOC holds a 51 percent stake in the project, and Kerr-McGee, the operator, holds the remaining 40 percent.
The Sino-American Energy Corp, a subsidiary of Ultra Petroleum, holds 9 percent interest.
Source: Xinhua News Agency - CEIS
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