LogIn LogOut

CNOOC to Start Production from Lingshui 17-2 Offshore Field in H1 2021

March 26, 2021

Lingshui 17-2 platform - Image Credit: ABS
Lingshui 17-2 platform - Image Credit: ABS

China’s offshore oil and gas major CNOOC Ltd is expected to start production at Lingshui 17-2, a large deepwater natural gas deposit in South China Sea, in the first half of 2021, the company executive said on Thursday.

Lingshui 17-2 is CNOOC’s first fully-owned deepwater gas project, with annual production of 3 billion cubic meters, or about 1.6% of China’s total domestic gas production.

“Deepwater exploration remains the key area to us in the future, and we have discovered medium-sized oil and gas deposits in Lingshui and Wenchang areas,” said Xu Keqiang, chief executive of CNOOC, at a media briefing.

CNOOC had vowed to hike the share of natural gas to make up 35% of its total output by 2025, from about 21% currently, and to 50% by 2035, as a contribution to Beijing’s climate change pledge.

CNOOC is also planning to raise investment in offshore wind development, to more than 5% of annual capital spending from previous 3-5%, in order to seize more offshore wind resources, said Xu.

(Reporting by Muyu Xu and Shivani Singh; Editing by Toby Chopra)




Current News

Boskalis Serves MMHE with Arbitration Notice, Seeking $12M for Bokor Project Delays

Boskalis Serves MMHE with Arbitration Notice, Seeking $12M for Bokor Project Delays

Emperor Energy Buys Judith Field Seismic Data. Gets More Time to Find Drilling Partner

Emperor Energy Buys Judith Field Seismic Data. Gets More Time to Find Drilling Partner

China: CNOOC Searching for Three Missing After Fire on Offshore Platform Doused

China: CNOOC Searching for Three Missing After Fire on Offshore Platform Doused

Velesto Secures 7-well Drilling Deal with Shell in Malaysia

Velesto Secures 7-well Drilling Deal with Shell in Malaysia

Australia: Santos Looking to Sell Down Stake in Dorado Offshore Oil Project

Australia: Santos Looking to Sell Down Stake in Dorado Offshore Oil Project

In Break with Rivals, Oxy CEO Says Carbon Tax Would be 'Bad'

In Break with Rivals, Oxy CEO Says Carbon Tax Would be 'Bad'

Chevron, Hokkaido Gas Ink LNG Supply Deal

Chevron, Hokkaido Gas Ink LNG Supply Deal

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com