The state-backed oil and gas exploration and production company expects the project to reach about 13,600 barrels of oil equivalent a day (boed) in peak production this year, according to a statement on CNOOC Ltd.’s website. It aims to develop 15 wells.
The Panyu oilfield has produced over 380 million barrels of petroleum since coming online 2003, according to CNOOC Ltd., the field’s sole developer.
“An intelligent oilfield cluster with digital, intelligent and unmanned operation has already been established”, the statement said.
The Panyu 11-12/10-1/10-2 project sits in the eastern part of the South China Sea. The project has an average water depth of approximately 100 meters (328.08 feet), according to CNOOC Ltd., majority-owned by China National Offshore Oil Corp. (CNOOC).
The project has a new wellhead platform and unmanned wellhead platform. The wellhead platform links to the existing Panyu 10-2 platform via a trestle bridge, CNOOC Ltd. said.
“The new unmanned wellhead platform of the project is equipped with ‘Typhoon Production Mode’ and heavy oil intelligent processing system, which can effectively improve production safety and operation efficiency”, it stated.
Last year CNOOC Ltd. announced six production startups in the South China Sea: the Huizhou 26-6 Oilfield Development Project, the Liuhua 11-1/4-1 Oilfield Secondary Development Project, the Shenhai-1 Phase II Natural Gas Development Project, the Wushi 17-2 Oilfields Development Project, the Wushi 23-5 Oilfields Development Project and the Xijiang 30-2 Oilfield Xijiang 30-1 Block Development Project.
At home, besides the South China Sea, the Bohai waters also saw five startups by CNOOC Ltd. in 2024: the Bozhong 19-2 Oilfield Development Project, the Bozhong 19-6 Gas Field 13-2 Block 5 Well Site Development Project, the Jinzhou 23-2 Oilfield Development Project, the Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project and the Suizhong 36-2 Oilfield 36-2 Block Development Project.
Overseas in 2024 CNOOC Ltd. also unlocked new production in Brazil and Canada.
On November 6, 2024, CNOOC Ltd. announced production had started at the Long Lake Northwest Project in the Canadian province of Alberta. It expects the project to achieve a peak production of 8,200 bpd in 2025. CNOOC Petroleum North America ULC, a wholly owned subsidiary of CNOOC Ltd., operates the project with a 100 percent stake.
On October 31, 2024, CNOOC Ltd. and its partners announced start-up in the third phase of the Mero oilfield in the Santos Basin offshore Brazil. Mero3 has a production capacity of 180,000 bpd, which will raise the field’s installed capacity to 590,000 bpd, according to the owners.
CNOOC Ltd., through CNOOC Petroleum Brasil Ltda., holds a 9.65 percent stake. Operator Petróleo Brasileiro SA owns 38.6 percent, TotalEnergies SE 19.3 percent, Shell PLC 19.3 percent, China National Petroleum Corp. 9.65 percent and Pré-Sal Petróleo SA 3.5 percent.
In the first nine months of 2024 CNOOC Ltd.’s domestic output rose 6.6 percent year-on-year to 369.2 million boe (MMboe), according to the company’s quarterly report published October 28, 2024.
Meanwhile its production abroad during the same period grew 12.2 percent year-over-year to 172.9 MMboe, driven by the Payara oilfield in Guyana’s Stabroek block.
Total production in the first three quarters of 2024 increased 8.5 percent to 542.1 MMboe, a company record for the January–September period, according to the quarterly report on CNOOC Ltd.’s website.
