CNOOC: Wenchang Oilfield Cluster Starts Trial Operation

HONG KONG, Jul 07, 2008 (SinoCast via COMTEX) -- CEO | Quote | Chart | News | PowerRating -- CNOOC Ltd. (SEHK: 0883; NYSE: CEO | Quote | Chart | News | PowerRating) said yesterday that the Wenchang oilfield cluster in the South China Sea entered trial operation.

Located in the Pearl River Mouth Basin, the cluster consists Wenchang 19-1, 15-1, 14-3 and 8-3 Oilfields. And it has five wellhead platforms, a floating production, storage and offloading vessel (FPSO) and 26 producing wells.

Currently, CNOOC produces more than 14,000 barrels of crude oil via seven wells in the cluster. Wenchang 19-1 oilfield, the first among the oilfields to start operation, has a peak daily output of over 18,800 barrels. The rest three oilfields are expected to consecutively come on stream within this year.

CNOOC develops the oilfield all by itself with 100% interest. It adopts the joint development model to reduce cost, said Liu Jian, its executive vice president.

From dycj.ynet.com, Page 1, Thursday, July 03, 2008 info@SinoCast.com

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