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Investing.com -- CNOOC (NYSE:CEO) Ltd. has commenced production at the Kenli 10-2 oilfield in the Bohai Sea off northern China, the company announced Tuesday.
The new oilfield holds an estimated 100 million metric tons, equivalent to approximately 730 million barrels of geological reserve, making it the largest shallow lithologic oilfield offshore China.
CNOOC expects the project to reach peak output of about 19,400 barrels of oil equivalent per day in 2026. The state oil major holds a 100% stake in the project and serves as the operator.
Located in waters with an average depth of 20 meters, the project infrastructure includes a central platform and two wellhead platforms. The company plans to drill 79 development wells at the site, which produces heavy crude oil.
This new production is part of CNOOC’s broader strategy to increase total output at the Bohai oilfield to 40 million metric tons of oil annually.
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