China’s largest offshore producer announced that it has begun production at its offshore expansion project

China National Offshore Oil Corporation (CNOOC; ticker: CEO) announced this week that it has begun production at its Qinhuangdao 32-6 Bohai Sea Map NOAA
comprehensive adjustment project. Once the project reaches its peak production capability it is expected to produce 36 MBOPD, according to the company’s press release.

The Qinhuangdao 32-6 oilfield is located at the central north of Bohai Bay with an average water depth of approximately 20 meters. The main production facilities for the project include 4 platforms and 99 producing wells. This project is expected to reach peak production sometime this year.

CNOOC has a 75.5% working interest in the project and acts as the operator, while its partner, Chevron China Energy Company (ticker: CVX) holds
the remaining 24.5% working interest.

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