CNOOC Bohai oil field

The biggest lightweight crude oil field in Bohai Bay will be in production in 2010, announced CNOOC on the 11th of December, China Businesses News reports.

This will help Bohai Bay reach its annual estimated production target of 30 million tons of oil-gas equivalent, making Bohai Oilfield the second largest oil field in the country.

The CNOOC oil field in Bohai Bay is numbered as Jinzhou 25-1. CNOOC had just completed the oil and gas reserve evaluation of the oil field on the 5th of December when one of the prospecting wells produced 1,000 cubic meters of oil equivalent per day. According to the website announcement of the National Assets Committee, Jinzhou 25-1 oilfield has 100 million tons of oil reserves, equivalent to 733 million barrels, making it the largest lightweight oil and gas field in the history of Bohai Bay.

CNOOC announced that Jinzhou 25-1 will be prospected and explored by its Tianjin subsidiary. Oil production is expected to start in 2010. Unlike the development model in many of the blocks in Bohai Bay, which is a joint development with overseas investment, Jinzhou 25-1 oilfield will be developed by CNOOC independently.

CNOOC has 13 comprehensive development projects in Bohai Bay, all of which are expected to be fully developed by 2010, said Deputy CEO of CNOOC and Chief Finance Officer Yang Hua. The 13 projects do not include the large-scale Jinzhou 25-1 project, which when combined with other projects in construction and in production makes it possible that Bohai Oilfield will overtake Shengli oilfield in 2 or 3 years to be <ST1:COUNTRY-REGION w:st="on">China’s second largest oil field after Daqing.