CNOOC Limited Launches Panyu Oilfields for Enhanced Production

Introduction to Panyu Oilfield Development

CNOOC Limited is pleased to announce that it has officially commenced production of the Panyu 11-12 Oilfield, Panyu 10-1 Oilfield, and Panyu 10-2 Oilfield Adjustment Joint Development Project. The announcement underscores the company’s commitment to leveraging its resources for optimal production capabilities.

Details of the Oilfield Project

This significant project is situated in the eastern region of the South China Sea, where the average water depth is approximately 100 meters. The development includes essential infrastructure, namely a new wellhead platform complemented by an unmanned wellhead platform, which is designed to facilitate the efficient extraction of oil.

Production Capacity

The Panyu project is engineered to feature 15 targeted development wells, with an impressive peak production goal of around 13,600 barrels of oil equivalent per day slated for achievement in the forthcoming year. The oil extracted from this project primarily consists of medium to heavy crude, an asset sought after by market participants.

Technological Advancements

One of the most notable advancements involves implementing the "Typhoon Production Mode" on the new unmanned wellhead platform. This state-of-the-art processing system is designed for heavy oil, enhancing both operational safety and efficiency. Furthermore, the new platform establishes a connection to the existing Panyu 10-2 platform via a trestle bridge, thereby enabling shared resources that can significantly reduce overall development costs.

Historical Context and Milestones

The Panyu oilfields hold a prominent position within CNOOC Limited's operational history. Since the commencement of production in 2003, the cumulative crude oil production from this field has exceeded 380 million barrels. This remarkable achievement demonstrates the oilfield's capability and the strategic importance placed on technology and innovation in its management.

Future Prospects for the Oilfields

Looking forward, the establishment of an intelligent oilfield cluster implies that CNOOC Limited is positioning itself at the forefront of modern oil extraction techniques. The focus on digital and intelligent operations, complemented by unmanned functionalities, sets a precedent for the future of oil exploration and production in the region.

CNOOC Limited's Commitment

As the sole operator, CNOOC Limited retains a 100% interest in the project, reflecting its dedicated strategy to advance its energy operations responsibly and sustainably. This new initiative not only aims to boost production figures but also strives to minimize environmental impact through innovative technologies.

Contact Information

For further inquiries or detailed information about the project, stakeholders can reach out to the CNOOC Limited Media & Public Relations team. Ms. Cui Liu can be contacted via telephone, while Mr. Bunny Lee from Porda Havas International Finance Communications Group is also available for inquiries regarding financial communications.

Frequently Asked Questions

What is the significance of the Panyu Oilfield project?

The Panyu Oilfield project is significant due to its potential to increase oil production capacity while utilizing advanced technology for efficient operations.

How deep is the water where the project is located?

The project is situated in approximately 100 meters of water depth in the eastern South China Sea.

What new technology is being implemented in the project?

The project features a "Typhoon Production Mode" that enhances safety and efficiency in the extraction of heavy oil.

How much oil is expected to be produced at peak capacity?

At peak capacity, the project is expected to produce around 13,600 barrels of oil equivalent per day.

When did the Panyu oilfield commence production?

The Panyu oilfield began production in 2003 and has since achieved significant cumulative output.

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