ConocoPhillips approves Bohai Bay Phase II development

Dec. 17, 2004
ConocoPhillips will invest about $1.8 billion in cash capital commitments for the multiyear second development phase of Peng Lai 19-3 field in China's Bohai Bay.

By OGJ editors

HOUSTON, Dec. 16 -- ConocoPhillips will invest about $1.8 billion in cash capital commitments for the multiyear second development phase of Peng Lai 19-3 field in China's Bohai Bay.

Final project sanction is subject to approval of the overall development plan by the Chinese National Development and Reform Commission.

Phase I development began production in December 2002. The field is producing about 20,000 b/d of oil (OGJ Online, Jan. 3, 2003).

ConocoPhillips and CNOOC signed a contract in December 1994 granting ConocoPhillips exploration rights to 1.6 million-acre Block 11/05 in Bohai Bay.

Operator ConocoPhillips holds a 49% interest in the PL 19-3 development, while CNOOC holds the remaining 51%.