OIL

Bohai Bay production over reaches new levels

Chinas CNOOC has announced the opening of the Caofeidian 11-1/11-2 oil field in Bohai Bay will pu...

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“Caofeidian 11-1/11-2, has more than 100 million tons of crude oil reserves [and] will reach its production peak in the middle of 2005, with an estimated annual output of two million tons,” said CNOOC.

“Relying on the modern management mode and advanced technologies, [we] are confident to redouble the production to 20 million by 2008.”

Bohai Bay oil field covers an area of 73,000sq.km, 70% of which is exploitable, with CNOOC holding 51% of the field with partners Kerr-McGee (40%) and Sino-American Energy Corp-Ultra Corp (9%).

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