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Sino-US Oil Exploration On Bohai Sea Is Gainful
Following the Penglai 19-3 Oilfield discovered jointly by China National Offshore Oil Corporation and US Philips Oil Company in the Bohai Sea, more oil-bearing formations were found in block 11/05 of the same cooperative area this year, and has thus further expanded the exploration achievements.
Thanks to the joint efforts of China and the United States, the US Philips Oil Company discovered two oil-bearing formations, Penglai 9-1 and Penglai 25-6, in the three newly drilled structures around the the Penglai 19-3 Oilfield in the Bohai 11/05 Penglai-3 in the 11/05 contractual region of the Bohai Sea. Another oil-bearing formation Penglai 25-2 had no commercial discovery. So far, Philips Oil Company has discovered one oilfield and five oil-bearing formations in the contractual region.
The enlargement of the exploration achievements brightened the prospect of the region. It is reported that the first-phase exploration of Penglai 19-3 Oilfield will be put into production in the first quarter of 2002 with daily oil output of 35,000 to 40,000 barrels. The second-phase development of the project will be put into production between 2004-05.
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