China National Offshore Oil Corporation (CNOOC) has commenced production at the Weizhou 5-3 oilfield development project in the Beibu Gulf Basin of the South China Sea.
With an average water depth of around 35m, the project is expected to reach peak production of approximately 10,000 barrels of oil equivalent per day (boepd) by 2026.
The Weizhou 5-3 Oilfield utilises one self-installing wellhead platform and uses nearby existing facilities for its development.
The production plan includes the commissioning of ten development wells, consisting of seven production wells, two water injection wells and one gas injection well.
CNOOC owns a 51% interest in the Weizhou 5-3 oilfield, while Smart Oil Investment holds the remaining 49% stake.
CNOOC is reputed to be the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies globally.
The company focuses mainly on the exploration, development, production and sale of crude oil and natural gas.
In China, CNOOC carries out oil and gas exploration and development primarily via independent operations and cooperation projects.
The company has been increasing its reserves and production mainly through independent exploration and exploitation.
As of the end of 2024, around 88.7% of net proved reserves and 85.1% of net production in China were from the company’s self-operated oil and gas fields.
In April, CNOOC commenced production at the Wenchang 9-7 Oilfield Development Project in the western Pearl River Mouth Basin.
Furthermore, in March, production began at two additional projects: the Caofeidian 6-4 Oilfield Comprehensive Adjustment project and the Wenchang 19-1 oilfield phase two project.