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| China's first independent deepwater oil & gas project starts operating ahead of schedule | China's first independent deepwater oil & gas project starts operating ahead of schedule |
| (2 months later) | |
| The Liuhua 21-2 oil field, located in the eastern South China Sea, has begun full-scale production, according to the China National Offshore Oil Corp. (CNOOC), which operates the offshore project. | The Liuhua 21-2 oil field, located in the eastern South China Sea, has begun full-scale production, according to the China National Offshore Oil Corp. (CNOOC), which operates the offshore project. |
| The cluster’s daily production currently exceeds 14,000 cubic meters of oil, which reportedly makes up nearly one-fifth of the total production in the eastern section of the South China Sea. | The cluster’s daily production currently exceeds 14,000 cubic meters of oil, which reportedly makes up nearly one-fifth of the total production in the eastern section of the South China Sea. |
| Its maximum output reaches 4.5 million cubic meters of crude oil per year, which equals the annual gasoline consumption of more than 4 million cars, according to the company’s press release, seen by Global Times. | Its maximum output reaches 4.5 million cubic meters of crude oil per year, which equals the annual gasoline consumption of more than 4 million cars, according to the company’s press release, seen by Global Times. |
| The Liuhua 21-2 oil field, the nation's first independent deepwater oil field group, includes Liuhua 16-2, Liuhua 20-2 and Liuhua 21-2.Discovered in 2014 and based 150 km (93 miles) south of China's southernmost province Hainan, the oil field is the deepest-water project in China's offshore exploration sector, with a depth of 412 meters. | The Liuhua 21-2 oil field, the nation's first independent deepwater oil field group, includes Liuhua 16-2, Liuhua 20-2 and Liuhua 21-2.Discovered in 2014 and based 150 km (93 miles) south of China's southernmost province Hainan, the oil field is the deepest-water project in China's offshore exploration sector, with a depth of 412 meters. |
| CNOOC holds a 100% interest in the Liuhua 21-2 oil field. The company has also launched production at the "Deep-sea No. 1" gas field, the first major energy discovery made during China's self-operated deep-water exploration. | CNOOC holds a 100% interest in the Liuhua 21-2 oil field. The company has also launched production at the "Deep-sea No. 1" gas field, the first major energy discovery made during China's self-operated deep-water exploration. |
| The Liuhua 21-2 project is expected to reach its peak production capacity of more than 15,000 barrels per day as soon as 2023. The oil field reportedly recovers associated gas through a light hydrocarbon recovery system to effectively reduce methane emissions. | The Liuhua 21-2 project is expected to reach its peak production capacity of more than 15,000 barrels per day as soon as 2023. The oil field reportedly recovers associated gas through a light hydrocarbon recovery system to effectively reduce methane emissions. |
| Full-scale production at the Liuhua cluster and the Deep-sea No. 1 gas field is part of China’s broader move to improve national energy security as well as to boost the economic and social development at the Guangdong-Hong Kong-Macao Greater Bay Area in southern China. | Full-scale production at the Liuhua cluster and the Deep-sea No. 1 gas field is part of China’s broader move to improve national energy security as well as to boost the economic and social development at the Guangdong-Hong Kong-Macao Greater Bay Area in southern China. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |