China National Offshore Oil Company (CNOOC) Ltd. has announced that its new oil fields started production in Bohai Bay.

By the end of October, 10 wells are expected to start production in the fields with total production of 15,000 barrels of oil per day, said Liu Jian, executive vice president of the company. Peak production of the fields is expected to reach about six million barrels of oil per year.

The fields named CFD 11-6/12-1S are located in Bohai Bay, with average water depth of 22-30 meters. The development facilities of CFD 11-6/12-1S fields include three wellhead platforms, two of which are unmanned satellite platforms.

CNOOC holds 51 percent of interests in the fields. Anadarko, an U.S. oil company, holds 29.18 percent of the interests and acts as the operator. The other two U.S. companies Newfield Exploration Company and a subsidiary of Ultra Petroleum, own the remaining 12 percent and 7.82 percent respectively.

(For more biz stories, please visit Industry Updates)