CNOOC's OML130 project put into operation

The China National Offshore Oil Corporation (CNOOC) recently announced that the Akpo deepwater oilfield of the OML130 project in Nigeria has been successfully put into operation. CNOOC holds a 45 percent share in the OML130 project.

The oilfield is 200 kilometers off the coastline of Nigeria, and it has been proved that the probable reserves are estimated to reach 6.2 million barrels. The oilfield will enter its maximum production capacity period this summer with an expected maximum daily production of 175,000 barrels of oil.

Fu Chengyu, Chairman of the Board and CEO of CNOOC, commented that Akpo is one of the leading projects with huge potential in western Africa, and it is also one of the largest deepwater projects in the world ever undertaken. I believe it will become the most important new oilfield in 2009.

For CNOOC, the successful startup of Akpo will enhance the weight of overseas assets in the company's total portfolio by a substantial increase of the company's overseas reserves and production. He added.

Besides Total SA, the operator of the project, CNOOC's partners in this project also include the Nigerian National Petroleum Corporation, Petrobras (Petroleo Brasileiro S.A.) and SAPETRO (South Atlantic Petroleum Limited).

Source: People's Daily Online