Page 10 - AsianOil Week 15 2022

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CNOOC Ltd starts production

from Weizhou 12-8E project

PROJECTS & CNOOC Ltd, the listed arm of state-owned targeting net production of 600-610mn barrels
COMPANIES China National Offshore Oil Corp. (CNOOC), of oil equivalent (boe) in 2022, with Chinese out-
announced on April 8 that it had started produc- put accounting for around 69% of this and the
tion from the Weizhou 12-8E oilfield. remainder coming from the company’s overseas
Weizhou 12-8E is located in the Beibu Gulf in operations. Over the course of the year, CNOOC
the South China Sea, in water depths of around is planning to bring 13 new projects online.
30 metres on average. CNOOC Ltd holds a 51% Accelerating exploration in the South China Sea
interest in the field in partnership with Roc Oil is also part of its strategy.
(China), Horizon Oil (Beibu) and Oil Australia. The company is then aiming to further
Seven development wells in total are planned increase output to 640-650mn boe in 2023 and
Weizhou 12-8E is one for Weizhou 12-8E – six oil production wells and 680-690mn boe in 2024.
of 13 new projects one water reinjection well. The project is antici- Weizhou 12-8E accounts for a relatively small
CNOOC Ltd will bring pated to produce around 4,700 barrels of crude proportion of CNOOC’s planned production
online this year. in 2022 on average, with peak output of roughly additions for the year. According to the 2022
10,000 barrels per day (bpd). CNOOC Ltd noted strategy, the Enping 15-1/10-2/15-2/20-4 Oil-
that it would use the existing processing facilities fields Joint Development Project, which is also
at the Weixinan oilfields. due to start up this year, will contribute 35,500
The announcement comes as the company barrels of oil equivalent per day (boepd) from
works to ramp up oil and gas production over 66 wells at its peak. Enping will also be China’s
the next three years as part of its 2022 Business first offshore carbon capture and storage (CCS)
Strategy and Development Plan. CNOOC is demonstration project.™

ADNOC orders two LNG tankers

from Shanghai yard

PROJECTS & ABU Dhabi National Oil Co. (ADNOC) has combination with the innovative Air Lubrication
COMPANIES confirmed it is to order two 175,000 cubic metre System, further reduce fuel consumption by at
LNG tankers from Shanghai’s Jiangnan Shipyard least 10%.
as part of plans to expand its shipping fleet and to Jiangnan Shipyard has already built five very
raise LNG production. large gas carriers (VLGCs) for AW Shipping,
ADNOC Logistics & Services (ADNOC ADNOC L&S’ joint venture company with Chi-
L&S), the company’s shipping unit, said on April na’s Wanhua Chemical Group.
12 that it had signed a contract for the construc- However, this is the first deal for a Chinese
tion of two 175,000 cubic metre LNG vessels yard solely with a non-Chinese, international
and expected that they would be delivered in gas major.
2025. Shanghai’s Jiangnan yard is owned by China
ADNOC said that the new vessels would sup- State Shipbuilding Corporation.
port its existing LNG business and its ambitions Over the past two years, ADNOC L&S has
to grow its LNG production capacity. acquired 16 deep-sea vessels, including eight
The vessels will be significantly larger than very large crude carriers (VLCCs) with 16mn
ADNOC’s existing ships, which have a capacity barrels of capacity, and six product tankers,
of 137,000 cubic metres, and will use 10% less which expanded the product tanker fleet capac-
fuel. ity to over 1mn tonnes.
The acquisition of larger, more energy-ef- The deal comes as European buyers are
ficient vessels will allow ADNOC L&S to meet seeking to source gas from non-Russian sup-
growing customer demand while improving the pliers after the EU has declared it will reduce
environmental footprint of its fleet. its imports of gas from Russia, with a total halt
The new vessels’ engine technology will to Russian gas imports from Russia possible
slash emissions (CO2, NOX and SOX) and, in by 2025.™

P10 www. NEWSBASE .com Week 15 15•April•2022