Phase I of China's Largest Off-shore Oilfield Commences Operations

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Last updated at: (Beijing Time) Thursday, January 09, 2003

Phase I of China's Largest Off-shore Oilfield Commences Operations

The first phase of China's largest off-shore oilfield, the "Penglai 19-3" oilfield, has commenced operations, according to officials with Bohai Oil field.

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The first phase of China's largest off-shore oilfield, the "Penglai 19-3" oilfield, has commenced operations, according to officials with Bohai Oil field.

Located in the southern part of the Bohai Bay, the oilfield hasa tectonic acreage of 50 square kilometers and a proven reserve of about 600 million tons, the largest ever discovered offshore in China.

The oilfield was first detected in 1999 through joint efforts by the Phillips Petroleum Company of the United States and the China National Offshore Oil Corp. After careful research and studies, construction of the first phase, which consisted of one platform and 20 oil wells, began in 2001.

According to Zhou Shouwei, president of China National OffshoreOil Corp. Ltd, the start-up of operations of the first phase, witha designed daily production capacity of 40,000 barrels, marks the start of Sino-US oil exploitation cooperation in the Bohai Bay.

Upon completion of the project, nearly 200 oil wells are expected to produce an annual average of more than 10 million tonsof crude oil.

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