CNOOC Limited Launches New Phase of Bozhong 26-6 Oilfield

CNOOC Limited Launches New Phase of Bozhong 26-6 Oilfield

CNOOC Limited, a leading oil and gas company, has announced a significant milestone with the commencement of production at the Bozhong 26-6 Oilfield Development Project (Phase I). This project represents a major advancement in the exploration and production of offshore oil resources.

About the Bozhong 26-6 Oilfield Development Project

Situated in the central region of Bohai Bay, the Bozhong 26-6 Oilfield is being developed in a location where the water depth averages around 20 meters. This offshore development features essential infrastructure, including a new central processing platform and a wellhead platform that does not require human presence. The project plans to utilize 33 development wells, comprising 22 for production, 10 for gas injection, and 1 designated for sourcing water.

Production Capabilities and Environmental Considerations

The project is targeted to reach peak production levels of approximately 22,300 barrels of oil equivalent daily by 2025. The oil extracted from this field is classified as light crude, which is generally desirable due to its lower viscosity and ease of refining.

Technological Advancements in Oil Extraction

Significantly, the Bozhong 26-6 Oilfield holds the title of the largest metamorphic buried hill oilfield globally, with proven cumulative oil and gas in-place exceeding 200 million cubic meters. The streamlined engineering processes allowed the rapid transition from discovery to production, taking just three years. Emphasizing sustainability and innovation, this development incorporates advanced technology to capture and reinject carbon dioxide produced during oil extraction. This initiative enhances oil recovery while contributing to a reduction in greenhouse gas emissions, projecting to sequester around 1.5 million tons of carbon dioxide over its operational lifetime.

Industry Impact and Future Prospects

Mr. Yan Hongtao, the President of CNOOC Limited, expressed confidence in the project's ability to position the company as a leader in offshore resource extraction. He noted this project signifies a pivotal phase in managing complex offshore reservoirs and establishing a strong foundation for carbon capture utilization and storage (CCUS) initiatives in Bohai.

The completion of the Bozhong 26-6 Oilfield Development Project illustrates CNOOC Limited's commitment to enhancing energy supply capacity within the region. It is poised to bolster production in significant areas, thereby fostering energy stability and promoting low-carbon growth.

Company Overview

CNOOC Limited, whose stock operates under SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), and SSE: 600938, is a prominent player in the oil and gas sector. Holding full operational control over the Bozhong 26-6 project, the company continues to pursue innovative solutions that balance energy production with environmental responsibility.

Frequently Asked Questions

What is the Bozhong 26-6 Oilfield Development Project?

The Bozhong 26-6 Oilfield Development Project is an offshore oil extraction initiative located in Bohai Bay, aimed at enhancing oil production and sustainability.

When did production at the Bozhong 26-6 Oilfield commence?

CNOOC Limited has commenced production at the Bozhong 26-6 Oilfield as part of the project's first phase.

What are the environmental initiatives associated with this project?

The project employs advanced technology to capture and reinject carbon dioxide from oil extraction processes, aiming to mitigate environmental impact.

What is the expected peak production for this oilfield?

The expected peak production for the Bozhong 26-6 Oilfield is projected to be around 22,300 barrels of oil equivalent per day by 2025.

How does CNOOC Limited plan to enhance its energy supply capacity?

CNOOC Limited's strategy includes utilizing innovative extraction technologies and infrastructure improvements to bolster energy supply and promote low-carbon development.

About The Author

Greetings, I'm 32-year-old author and financial specialist Evelyn Baker. My introduction into the financial industry started with an economics degree and continued with a wealth of experience in wealth management and financial consulting. My great passion over the years has been assisting people and companies in making wise, well-informed decisions to reach their financial objectives.

My goal with writing is to simplify difficult financial ideas into understandable, doable guidance. My goal in writing many books and articles is to make personal finance understandable to everyone, irrespective of their experience or background. I want to give readers the information they need to take charge of their financial futures, from investing and retirement planning to budgeting and saving.

Along with my writing, I lead webinars and workshops where I provide doable advice and methods for achieving financial success. To reach a larger audience, I also frequently contribute to financial blogs and publications. My method is always to offer doable, real-world guidance that can actually improve people's lives.

Aside from my job, I like to cook, travel, and experience other cultures. I work hard to apply my belief in the value of a balanced life to my financial counsel. My goal in working is to encourage and enable people to succeed financially so they may lead the best lives possible.

Contact Evelyn Baker privately here. Or send an email with ATTN: Evelyn Baker as the subject to contact@investorshangout.com.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.