#China #Hong Kong #CNOOC Limited #Oilfield Development #Weizhou 5-3

CNOOC Limited Launches Weizhou 5-3 Oilfield Development Project

In a significant move, CNOOC Limited has officially announced the start of production at the Weizhou 5-3 Oilfield Development Project, located in the Beibu Gulf Basin of the South China Sea. This project is poised to enhance the company's operational capabilities while boosting regional energy production.

Project Overview

The Weizhou 5-3 Oilfield is situated at an average depth of about 35 meters of water. CNOOC Limited has integrated existing facilities into the new development, utilizing a self-installing wellhead platform designed to optimize the operational efficiency and reduce costs. The project will consist of a total of 10 wells, which include 7 intended for production, along with 2 for water injection and 1 for gas injection.

CNOOC Limited, holding a 51% stake, collaborates with Smart Oil Investment Ltd., which possesses the remaining 49% interest in the project. The collaboration aims to leverage their combined expertise in maximizing the oilfield's production potential.

Production Goals

The projected output from the Weizhou 5-3 Oilfield is estimated to reach a plateau production of approximately 10,000 barrels of oil equivalent per day by 2026. This development is expected to significantly contribute to the overall oil production targets of CNOOC Limited, focusing on medium crude oil extraction primarily.

Importance of the Development

This project not only signifies CNOOC's strategic commitment to enhancing its resource portfolio but also reinforces China's intent to secure energy independence through domestic production. With the escalating global demand for energy, the significance of initiatives like the Weizhou 5-3 cannot be overstated.

Future Prospects

As CNOOC continues to expand its capabilities in offshore oil exploration and production, the industry will keep a close eye on the outcomes of this project. The company's ongoing investments in technology and infrastructure indicate a robust response to both domestic needs and fluctuations in international oil prices.

In conclusion, the Weizhou 5-3 Oilfield Development Project marks a pivotal step for CNOOC Limited, embracing innovation and strategic partnerships to cater to market demands. The project showcases the company's capabilities and ambitions within the competitive landscape of the oil and gas sector today.

Note to Editors: For further details about CNOOC Limited and its initiatives, please visit CNOOC Official Website.