CNOOC has initiated production at a major oilfield secondary adjustment and development project in the Bohai Sea. 

The Suizhong 36-1/Luda 5-2 oilfield project, noted as the largest of its kind in the region, is expected to reach peak production of around 30,300bopd by 2025. 

The main production facilities of the Bohai Sea project include two central processing platforms and two wellhead platforms.  

A total of 118 development wells are planned, comprising 81 production wells and 37 water-injection wells. The average water depth at the site is approximately 30m. 

CNOOC, which holds a 100% interest and is the operator of the project, said it has implemented a region-wide development concept.  

This approach is aimed at setting a benchmark for the sustainable development of offshore oil and gas fields.  

Moreover, the project utilises green electricity generated onshore, aligning with the company's commitment to green and low-carbon development. 

In a related development at the start of January 2024, CNOOC commenced production from a Phase II development project in the South China Sea.  

The project includes the Lufeng 8-1, Lufeng 9-2 and Lufeng 14-8 oilfields, with an average water depth of around 136m. 

It features one new drilling platform and 14 development wells, with expected peak production of approximately 22,600bopd in 2025. 

CNOOC plans to produce 700–720 million barrels of oil equivalent (mboe) in 2024; 69% of this will come from China, with the remaining portion coming from offshore accounts. 

The group has set net production targets for 2025 and 2026 of 780–800mboe and 810–830mboe, respectively, in its 2024 business strategy and development plan.