China National Offshore Oil Corporation (CNOOC) Limited announced it has commenced production on its joint development projects in South China Sea, Huizhou 32-5 oilfield comprehensive adjustment/Huizhou 33-1 oilfield joint development project.
Huizhou 32-5 oilfield comprehensive adjustment/Huizhou 33-1 oilfield joint development project is located in south-central part of the eastern South China Sea, approximately 170 kilometers from Hong Kong, with a water depth of approximately 115 meters.
In addition to fully utilizing the existing facilities of Huizhou 25-8 oilfield, the project has also built one drilling and production platform. There is one well currently producing and the project is expected to reach its peak production of approximately 19,200 barrels of crude oil per day in 2020.
CNOOC Limited holds 100% interest in Huizhou 32-5 oilfield comprehensive adjustment/Huizhou 33-1 oilfield joint development project and acts as the operator.
According to US Energy Information Administration (EIA), the Huizhou refinery increased capacity by 200,000 b/d and increased its imports from various sources in the third and fourth quarters of 2017.
Meawhile, on the occasion of its 40-year anniversary in mid-December, CNOOC announced the signing of Strategic Cooperation Agreements with nine international oil majors for oil and gas exploration in the Pearl River Mouth Basin, offshore China.
This move is aligned with increased efforts by China’s state oil and gas producers PetroChina, Sinopec Corp and CNOOC to boost domestic oil and gas drilling, after a call by President Xi Jinping to boost domestic energy supply security.
