#China #Hong Kong #CNOOC Limited #Panyu Oilfield #oil production

CNOOC Limited Initiates Production at Panyu Oilfields

CNOOC Limited, predominantly known as a major player in the global oil industry, has recently announced the commencement of production at its Panyu Oilfield adjustment joint development project. This initiative encompasses the Panyu 11-12, Panyu 10-1, and Panyu 10-2 oilfields, located in the eastern region of the South China Sea, approximately 100 meters underwater.

The Panyu Oilfields have been operational since 2003, collectively producing more than 380 million barrels of crude oil. The latest project aims to not only increase oil output but also integrate advanced technologies to improve operational efficiency and safety. CNOOC has laid out plans to drill a total of 15 development wells as part of this joint development effort, targeting a peak production capacity of around 13,600 barrels of oil equivalent per day by the year 2025.

A distinctive feature of this undertaking is the deployment of a new unmanned wellhead platform, designed with a sophisticated 'Typhoon Production Mode' and an intelligent heavy oil processing system. These advancements are expected to significantly enhance production reliability and minimize operational risks. Moreover, the new facilities are strategically interconnected, facilitating shared resources between the different platforms, which effectively lowers overall development costs.

CNOOC Limited holds a complete 100% interest in this project, making it the sole operator. The integration of digitization and unmanned technology signifies a shift toward a more intelligent oilfield ecosystem, allowing real-time monitoring and management of resources, which is pivotal in today’s competitive oil market.

The foreseen contributions of Panyu Oilfields to CNOOC Limited’s output will certainly bolster the company's position in the oil industry while also adapting to contemporary environmental and operational standards. As the global energy landscape evolves, CNOOC’s commitment to technological innovation and sustainable practices seems promising for future exploration and production endeavors.

In conclusion, CNOOC Limited's ongoing efforts at the Panyu Oilfields are a clear representation of the company’s dedication to leveraging innovation in oil extraction and production. As the company anticipates significant increases in output, stakeholders can look forward to a sustainable future in energy, marked by enhanced operational efficiencies and reduced environmental impact.

For further details and updates on this project, interested readers and stakeholders are encouraged to follow CNOOC Limited's official communications and reports.