(Yicai Global) Sept. 21 -- China National Offshore Oil has kicked off the country's deepest Liuhua 16-2 oilfield cluster to help China reduce its reliance on foreign oil.
CNOOC's Liuhua 16-2, located at an average depth of 410 meters in the Pearl River Mouth Basin of the South China Sea, is China's first oilfield to be developed fully underwater, Xinhua News Agency reported, citing an executive at the Beijing-based firm.
The peak output is expected to reach 3.5 million tons to meet the annual gasoline consumption of more than 4 million family cars, according to the firm's data. That should help CNOOC to meet its target of 20 million tons produced each year in the eastern South China Sea by 2025.
China’s first deepwater oil field, Liuhua 11-1, was completed in the same region in 1996 by a consortium participated by CNOOC.
Editor: Emmi Laine