Bohai Oilfield raises output
The Caofeidian (CFD) 1-1/11-2 oil field in western Bohai Bay was formally put into production on September 16.
With CFD, the aggregate output at Bohai Oilfield is expected to top 10 mm cm this year. Caofeidian oil field is jointly exploited by China National Offshore Oil Corporation (CNOOC) Limited and US Kerr-McGee and Energy Resource.
With a reserve of over 100 mm tons, the output is expected to reach its peak by mid-2005 and the will exceed 2 mm
tons next year. CNOOC holds 51-% share of the oil field, McGee as the operator owns 40 % and Energy Resource 9
Bohai Sea is one of China's important oil zones. The output in Bohai Oilfield doubled from the 5 mm cm in 2000 to 10 mm cm this year. Zhou Shouwei, vice president of CNOOC, said that the corporation is confident in and capable of re-doubling the output in another four years.