Hangingstone SAGD expansion one of five new projects for CNOOC in 2017

Image: CNOOC

China National Offshore Oil Corporation (CNOOC) and its partner, Japan Petroleum Exploration Co. (Japex) started up a new 20,000 bbl/d SAGD operation in the Alberta oilsands in August, one of five major upstream production projects that CNOOC will commission this year.

Four out of five of these are already onstream.

The company has interest in total new capacity to be brought on this year of about 93,000 boe/d.

CNOOC is a 25 percent partner in the Hangingstone project, while Japex holds the remaining 75 percent.

This year so far CNOOC also started up the 13,000 boe/d Penglai 19-9 oilfield comprehensive adjustment in Bohai, offshore China (CNOOC 51%), a 24,800 boe/d project in the Eastern South China Sea called Enping 23-1(CNOOC 100%), and 25,000 boe/d at the BD gas field in Indonesia (CNOOC 40%).

As operator, CNOOC is also in the process of installation and commissioning of 11,800 boe/d Weizhou 12-2 Oil Field Phase 2 in the Western South China Sea.

CNOOC said this week that it swung to a profit of 16.3 billion yuan in the first half, beating an expected profit of 10.47 billion yuan.

— With files from Bloomberg

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