CNOOC Begins Oil Production at South China Sea Field

China’s state-held oil and gas giant CNOOC said on Thursday that it had launched crude oil production from a new development project in the South China Sea. CNOOC, which specializes in offshore exploration and production in China and abroad, announced the start of the Enping 21-4 Oilfield Development Project in the eastern South China Sea, at an average water depth of about 89 meters (292 ft). The Enping 21-4 project is expected to reach peak production of approximately 5,300 barrels of oil equivalent per day (boepd) of light crude…