China National Offshore Oil Corp (CNOOC) has been working on shoring up operations to ensure oil and gas security for domestic companies that have been resuming production to ease the impact of the novel coronavirus outbreak and maintain economic stability.
The corporation, China's largest producer of offshore oil and gas, has produced 9.61 million tonnes of oil and gas equivalent as of February 27, 5.5% up compared with the same period in the previous year.
Major projects including the Bozhong 19-6 gas field in Bohai Bay and Lingshui 17-2, the deepwater gas field located in water depths of 1,500 meters in the South China Sea, have all been operating to achieve the company's yearly oil and gas production target.
More than 120 of the company's offshore oil and gas fields have been running continuously amid the coronavirus outbreak, it said.
As the second biggest crude production base, the Bohai oilfield has so far produced 4.94 million tonnes of oil and gas equivalent, a year-on-year increase of 9.97%. Bozhong 19-6, with proven oil and gas geological reserves of approximately 300 million tonnes, is also undergoing improvements to ensure the gas field is put into operation this year.
Analysts said CNOOC has illustrated its capabilities as oil and gas production has risen 5% during the past two months instead of falling in the face of the epidemic.
The company has provided 73,700 tonnes of petroleum products during the Spring Festival holiday to provinces like Hubei and Zhejiang. Its 43 gas stations in Hubei are in service and have provided 4,900 tonnes of petroleum products to the region to help buffer the impact of the novel coronavirus outbreak.
(Writing by Tian Zhang Editing by Tammy Yang)
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