CNOOC Limited Commences Production at Suizhong 36-1 Luda 5-2 Oilfield
In a significant development for the offshore oil and gas sector, CNOOC Limited has announced the start of production at the Suizhong 36-1 Luda 5-2 Oilfield Secondary Adjustment and Development Project. Located in the Liaodong Bay of the Bohai Sea, the project operates at an average water depth of approximately 30 meters. To facilitate this development, the corporation has constructed two new central processing platforms and two wellhead platforms. The project has a comprehensive plan for 118 development wells, which includes 81 production wells and 37 water-injection wells.
The enterprise is on course to achieve a peak production of roughly 30,300 barrels of crude oil per day by 2025, positioning it as the largest secondary development and adjustment project in offshore China. CNOOC Limited, with a 100% interest and acting as the operator, has adopted a region-wide development strategy. The firm’s dedication to environmental conservation is highlighted by its use of onshore power supplies, enabling the utilization of green electricity generated on land. This initiative supports the green and low-carbon development of offshore resources.
In the broader scope of its operations, the organization has set forth ambitious production goals for the upcoming years. The production for the year 2023 was recorded at 675 million barrels of oil equivalent (MMboe). The corporation has established its net production target for 2024 in the range of 700 MMboe to 720 MMboe, with a substantial contribution expected from its operations within China. The targets for the following years are set higher, with aspirations to reach between 780 MMboe to 800 MMboe in 2025 and 810 MMboe to 830 MMboe in 2026. These goals are underpinned by a strong lineup of new projects and a strategic emphasis on capital investment.
The company’s ongoing progress is indicative of its commitment to integrating new energy into its core oil and gas business. This strategic move is in line with global trends that favor more sustainable energy production methods. The firm’s endeavors in this area are anticipated to have a positive impact on the wider industry and the environment.
The initiation of production at the Suizhong 36-1 Luda 5-2 Oilfield is a noteworthy achievement in CNOOC Limited’s growth trajectory. Its pledge to sustainable practices and the incorporation of green energy sources in its operations highlight the enterprise’s role in promoting environmentally responsible energy production. With a clear strategy for expansion and a focus on new energy integration, the corporation is well-positioned to continue its contributions to the energy sector while maintaining its commitment to environmental stewardship. The recent developments at CNOOC Limited stand as a testament to its operational excellence and strategic foresight in the dynamic energy landscape.
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