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Last updated at: (Beijing Time) Friday, January 03, 2003

China's Largest Offshore Oilfield Starts Production

Oil production started at China's largest offshore oilfield, Penglai 19-3, Tuesday, according to a joint announcement by Conoco Phillips and the China National Offshore Oil Corporation (CNOOC).


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Oil production started at China's largest offshore oilfield, Penglai 19-3, Tuesday, according to a joint announcement by Conoco Phillips and the China National Offshore Oil Corporation (CNOOC).

The oilfield located in the middle of Bohai Bay was discovered by ConocoPhillips in May 1999.

With geological reserves of 600 million tons of oil, Penglai 19-3 is the country's largest offshore oilfield. According to the contract, ConocoPhillips will manage the oilfield development and CNOOC holds 51% of shares in the project.


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