The Huizhou 26-6 oilfield, fully owned and operated by CNOOC, produces light crude and natural gas in the Pearl River Mouth Basin. Credit: MR.Zanis/Shutterstock.

China National Offshore Oil Corporation (CNOOC) has commenced production at the Huizhou 26-6 oilfield development project.

The project, entirely operated and owned by CNOOC, is located in the Pearl River Mouth Basin at an average water depth of approximately 110m.

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It represents CNOOC’s first deep buried-hill reservoir development project in the South China Sea.

The project includes a new intelligent drilling production platform and the adaptively modified Nan Hai Fen Jin floating production storage and offloading (FPSO) vessel.

A total of 19 development wells are set to be drilled at the project, comprising two oil production wells and 17 gas production wells.

The project is projected to reach peak production of around 20,600boepd by 2027.

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The Huizhou 26-6 oilfield primarily produces light crude and natural gas.

CNOOC has employed state-of-the-art technologies including China’s first intelligent offshore drilling production platform to enhance the development of offshore oil and gas resources.

This development is poised to support the economic and social growth of the Guangdong–Hong Kong–Macao Greater Bay Area.

As of October 2024, CNOOC reported a 19.5% increase in net profit for the first three quarters of 2024, reaching 116.66bn yuan ($16.34bn).

The company’s oil and gas revenue grew by 13.9% year-on-year to 271.43bn yuan. CNOOC achieved record highs in both net production and profit, driven by strong operational efficiency and cost control.

Despite flat Brent oil prices, the company maintained an all-in cost of $28.14, in line with the previous year, while capital expenditures rose by 6.6% to 95.34bn yuan.