Oil Production Begins in the South China Sea

By Shanequa Lee

The Largest offshore crude oil producer in China, NCOOC, commences its first production at company operated Enping 24-2 oil field. This is near Pearl River Mouth Basin, South China Sea.

Two wells currently generate around 8,000 barrels of oil per day. The 2017 projection of daily oil production is set for 40,000 barrels per day, projected by Enping 24-2 development.

In hopes to prevent sagging production from established fields, during the first half of the oil production year, extrapolation from Bohai Bay declined 2.5 percent. Bohai Bay accounts for more than half of all Chinese production.

It is expected that Chinese oil demand will increase 3.4 percent annually, per the monthly report for the Organization of Petroleum Exporting Countries.  

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