CNOOC Limited launches green oilfield project in South China Sea

CNOOC Limited, a leading offshore oil and gas producer, has announced the start of production at the Wushi 23-5 Oilfields Development Project. This project, located in the Beibu Gulf of the South China Sea, is a pioneering initiative as the first green design oilfield in offshore China.

The Wushi 23-5 project comprises two new wellhead platforms and a revamped Wushi terminal, with plans to activate 43 development wells. The primary objective is to achieve a peak production level of approximately 18,100 barrels of oil equivalent per day by 2026, focusing on extracting light crude oil.

One of the key highlights of this project is its emphasis on efficient and low-carbon development. CNOOC Limited has implemented natural gas treatment for comprehensive recovery and utilization of associated gas. Moreover, the project is powered from shore, demonstrating a significant stride towards adopting green and sustainable practices within the oil industry. CNOOC Limited holds complete ownership and operates the project independently.

Despite the company's positive outlook on future prospects, it acknowledges the various uncertainties prevalent in the industry. Factors such as economic conditions, price fluctuations, competition, environmental regulations, and policy changes pose challenges. The forward-looking statements issued by the company are subject to these uncertainties, and actual outcomes may differ from initial expectations.

The commencement of production at the Wushi 23-5 Oilfields Development Project marks a significant milestone in CNOOC Limited's commitment to sustainable energy practices. By integrating green design principles and prioritizing efficiency, the project sets a benchmark for environmentally conscious oil production. As CNOOC Limited navigates the evolving landscape of the industry, it remains dedicated to driving innovation and responsible resource management.