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CNOOC Commences Production at Bozhong 19-6 Block 5
CNOOC Commences Production at Bozhong 19-6 Block 5

CNOOC Commences Production at Bozhong 19-6 Block 5

  • 09-May-2024 2:23 PM
  • Journalist: Patricia Jose Perez

On 7 May 2024, CNOOC Limited (the "Company," SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces the commencement of production at the Bozhong 19-6 Gas Field 13-2 Block 5 Well Site Development Project.

Situated in the central Bohai Sea, the project boasts an average water depth of around 23 meters. Its primary production infrastructure comprises a wellhead platform, with plans for the commissioning of 10 development wells. Anticipated to reach its zenith in 2026, the project is poised to achieve a peak production output of approximately 5,800 barrels of oil equivalent per day.

CNOOC Limited maintains full ownership of this project, serving as its operator.

China National Offshore Oil Corporation (CNOOC), China's largest offshore oil and gas producer, was established as a state-owned conglomerate with the endorsement of the State Council on February 15, 1982. With a registered capital of RMB 113.8 billion and 5 listed companies, its diverse operations encompass oil & gas exploration and development, specialized technical services, sales of refined products and fertilizers, natural gas extraction and power generation, financial services, and emerging ventures such as offshore wind power. CNOOC secured the 42nd position in the 2023 Fortune Global 500 rankings. Its primary business performance consistently leads among Central Enterprises and has maintained an A-level rating from the SASAC for 19 consecutive years.

CNOOC consistently prioritizes innovative approaches to oil & gas exploration and development to ensure and advance its business growth. The company persists in enhancing its oil and gas exploration and development efforts, achieving significant breakthroughs both domestically and internationally. Moreover, it sustains high operational efficiency in oil and gas well production to ensure a stable supply of oil and gas.

The natural gas and power generation sector has emerged as a significant component of the Company's mid- and downstream operations. Expediting the advancement of natural gas and power generation aligns with the restructuring of national energy consumption and represents a highly promising avenue for profitability. The CNOOC Gas & Power Group has spearheaded efforts to facilitate the construction of natural gas infrastructure and optimize layout, while also introducing innovative models in LNG business operations.

CNOOC prioritizes operational efficiency, innovation in management, and international collaboration. It consistently refines its global business structure, enhances its influence, and elevates the quality of overseas business management. The company is dedicated to achieving economic efficiency in production, enhancing the value of overseas assets, and bolstering the sustainability of its international operations.

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