CNOOC Limited Commenced Production at Panyu Oilfields Development Project

SEATTLE (Oil Monster): The Panyu 11-12 oilfield/Panyu 10-1 oilfield/Panyu 10-2 oilfield adjustment joint development project, situated in the eastern South China Sea, has successfully begun production, according to a statement released by CNOOC Limited.

Since its founding, the region has been a significant source of output for the business, with an average water depth of almost 100 meters. Throughout the course of the project, 15 development wells are anticipated to be started.

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Both a new wellhead platform and an autonomous wellhead platform are part of the recently opened production facility. The project's autonomous wellhead platform has a heavy oil intelligent processing system and "Typhoon Production Mode" to increase operating efficiency and safety.  The platform has been designed to withstand extreme weather conditions. Additionally, it is anticipated that the wellhead platform's integration with Panyu 10-2's current platform will drastically lower development costs.

Before the current year ends, the new project is anticipated to reach a production capacity of around 13,600 barrels of oil equivalent per day (boe/d). The Panyu oilfield has produced around 380 million barrels of crude oil since production began in 2023.

The initiative supports the goals of operational excellence and sustainable development set forth by CNOOC Limited.