(Yicai Global) April 22 -- China’s largest offshore oil reserve the Bohai Bay Oilfield, owned by China National Offshore Oil Corporation, increased crude oil production amid the double whammy of Covid-19 and the oil price slump by 5.91 percent yearly in the first quarter.
CNOOC’s Qinhuangdao 32-6 oil field’s daily output jumped by 220 cubic meters, The Paper reported today. The Caofeidian 11-6 oilfield raised production by 7,600 cubic meters daily, per the report, which omitted specific crude oil production data for the entire Bohai Bay deposit in the period. These values exceed the company’s annual plan by 2.4 percent.
The firm, which is China’s third-largest oil company after China National Petroleum Corporation and China Petrochemical, is vigorously developing the project. It has completed the installation of one jacket platform -- used to route pipes through a rig’s four base support pillars -- two modules, two dorms, 16.5 kilometers of submarine pipelines and 17.8 kilometers of submarine cables and is striving to equip eight platforms by year’s end.
International oil prices are in free fall. New York crude oil futures contract prices for next month slumped to a negative value on April 20, closing at -USD37.63 per barrel in an event unprecedented since the New York Mercantile Exchange opened light crude oil futures trading in 1983.
Bohai Oilfield has an annual oil and gas production of 30 million tons of oil equivalent. It is China's second-largest source of crude oil after Changqing in northwestern Shaanxi province. The company operates 171 offshore rigs and has more than 13,000 workers.
Editor: Ben Armour