19 September 2018, News Wires — China’s CNOOC Ltd started producing crude oil at 1/3/8/9 block of the Penglai 19-3 oilfield off north China’s Bohai Bay, the company said in a statement on Tuesday
The new block currently has two wells in production and daily output is expected to reach a peak rate of 58,700 barrels in 2020
CNOOC Ltd owns 51 percent of the block and acts as operator, while U.S. firm Conocophillips owns 49 percent.
- Reuters
