TIANJIN - The first phase
of China's largest offshore oilfield, the Penglai 19-3
field, has commenced operations, say Bohai Oilfield
officials.
Located in the southern part of Bohai
Bay, the oilfield has a tectonic area of 50 square
kilometers and a proven reserve of about 600 million
tons, the largest ever discovered offshore in China.
The oilfield was first detected in 1999 through
joint efforts by the Phillips Petroleum Co of the United
States and the China National Offshore Oil Corp. After
careful research and studies, construction of the first
phase, which consisted of one platform and 20 oil wells,
began in 2001.
Zhou Shouwei, president of China
National Offshore Oil Corp Ltd, said the start-up of
operations of the first phase, with a designed daily
production capacity of 40,000 barrels, marks the start
of Sino-US oil exploitation cooperation in Bohai Bay.
Upon completion of the project, nearly 200 oil
wells are expected to produce an annual average of more
than 10 million tons of crude oil.
