The joint development project for the Liuhua 16-2 and 20-2 oilfields is situated in the eastern South China Sea, at an average water depth of about 410 meters.

One newbuild 150,000 dwt FPSO and three underwater production systems are included in the construction.

CNOOC said on Sunday that it intended to bring a total of 26 development wells into production and development.

In 2022, the project is projected to hit its peak production of about 72,800 barrels of crude oil per day.

It should be noted that CNOOC holds a 100% stake in the joint development project for the Liuhua 16-2 oilfield / 20-2 oilfield.

Liuhua 16-2 was discovered in May 2010 and comprises oil pay zones that are 67 meters deep. It is the first oil discovery to be produced in the area, situated in the north-eastern part of Baiyun Sag.

The LH20-2-1 exploration well in May 2015 discovered the Liuhua 20-2 sector.

In January, CNOOC said that it was planned that ten new projects will come on line.

The only two ventures, not offshore China, are Phase 1 of the Liza oil field in Guyana and Phase II of the Buzzard oil field in the UK.

In the same pre-COVID announcement, CNOOC Limited announced that, with 227 exploration wells scheduled to be drilled during the year, it would have a $13.7 billion 2020 capex budget to increase its oil and gas reserves and output.

Maritime Business World