“Caofeidian 11-1/11-2, has more than 100 million tons of crude oil reserves [and] will reach its production peak in the middle of 2005, with an estimated annual output of two million tons,” said CNOOC.
“Relying on the modern management mode and advanced technologies, [we] are confident to redouble the production to 20 million by 2008.”
Bohai Bay oil field covers an area of 73,000sq.km, 70% of which is exploitable, with CNOOC holding 51% of the field with partners Kerr-McGee (40%) and Sino-American Energy Corp-Ultra Corp (9%).
