CNOOC’s Weizhou field begins production

Glengorm's discovery has led to renewaed excitement in other CNS prospects like Edinburgh and Rowallan, according to Westwood Energy
CNOOC rig off China

China’s largest producer of offshore crude oil and natural gas has announced that production has commenced at the Weizhou field.

China National Offshore Oil Corporation’s (CNOOC)  Weizhou 12-2 oil field phase II project is within Beibu Gulf in the South China Sea.

The project consists of one wellhead platform and is situated in a water depth of 35.7 meters.

The project is expected to reach a daily peak production rate of 11,800 barrels of crude in 2018.

Earlier this year CNOOC confirmed that they had pulled the company back into financial stability after a period of uncertainty.

CNOOC said half year profits before tax were boosted to 21.5billion Yuan (£2.5billion), up from last year’s loss of £1.3billion.

Revenues to the end of June totaled £10.8billion, a 38.2% increase on last June’s half year revenue of £7.8billion.

CNOOC hold a 100% interest in the Weizhou oilfield.

Breaking