2018 Offshore Technology Yearbook

Issue link:

Contents of this Issue


Page 13 of 55

2018 OFFSHORE TECHNOLOGY YEARBOOK | KEY PLAYERS 12 | December 2017 | Alder Field in the U.K. North Sea. The project has a design capacity of 14 Mbbl/d of condensate and 3.1 MMcm/d (110 MMcf/d) of natural gas. CNOOC Ltd. • Ranked No. 115 on Fortune's Global 500 list • 13 new discoveries in first-half 2017 With an average net production of more than 1.3 MMboe/d, CNOOC is the largest producer of off- shore oil and gas in China. The company's core operations are offshore China, but CNOOC has assets around the globe. CNOOC has more than 19,000 employees and about 3.88 Bboe in reserves as of the end of 2016. The company estimated the total capex for 2017 would be between $8.7 billion and $10.1 billion. About 18% of that is for exploration, 66% is for development, and 15% is for production, according to a press release. In the first half of 2017, CNOOC had made 13 new discoveries and 12 successful appraisal wells offshore China and produced net 237.9 MMboe. In this same period, three out of four new offshore projects scheduled for 2017 had begun produc- tion, plus an onshore SAGD project. The projects planned for 2017 are Penglai 19-9, Enping 23-1, BD and Weizhou 12-2 Phase II. In August, the BD gas field offshore Indone- sia began production. While currently producing 7,200 boe/d, the field is anticipated to hit about 25,500 boe/d in 2018. Enping 23-1 oil fields in the South China Sea and the Penglai 19-9 comprehen- sive adjustment project in Bohai began production in January. Weizhou 12-2 Phase II in the South China Sea is in the installation and commissioning phase with startup expected before year-end. The company has more than 20 projects under construction, and in 2017, it planned to drill 126 exploration wells. CNOOC drilled two successful appraisal wells of Bozhong 36-1 located east of Yellow River Mouth Sag in Bohai in the Yellow Sea and anticipate mid- to large-sized oil fields. The final investment decision for the Buzzard Phase II Development offshore U.K. has been approved, with production expected to start in 2020 with peak production of 35 Mbbl/d, according to an interim results presentation. The company has a 25% interest in the Stabroek Block offshore Guy- ana, and a final investment decision for the Liza Phase I development in the block was made in June. CNOOC's net profit in first-half 2017 was $2.47 billion (16.25 billion Chinese yuan). "In the first half of 2017, CNOOC Ltd. continued to forge ahead, stepped up its efforts in reform and innova- tion, strived to seek opportunities for future devel- opment, and achieved a satisfactory performance," Chairman of CNOOC Ltd. Yang Hua said in a press release. Eni • Ranked No. 132 on Fortune's Global 500 list • Operates in 73 countries Italian multinational energy company Eni is considered a global supermajor, operating in 73 countries and employing about 33,000 workers, accord- ing to the company website. The company produced 1,783 A platform operates in the Golden Eagle Area Develop- ment, operated by CNOOC sub- sidiary Nexen Petroleum U.K. Ltd. in the U.K. North Sea. (Photo courtesy of CNOOC)

Articles in this issue

Links on this page

Archives of this issue

view archives of Playbooks - 2018 Offshore Technology Yearbook