Project Profile
Location: Bohai Bay Basin, China
Production: 56,000 tons of oil (2011)
Reserves: 22.2 million barrels at Yuedong field - (December, 2015)
Area: 108 sq. km
Start-up year: May, 2011
On February 24, 2004, CNPC signed a contract on petroleum development and production in Hainan-Yuedong Block in the Bohai Bay Basin with Tincy Group Energy Resources Limited. Tincy is the operator of the project. The contract area, a part of the Liaohe Oilfield with an area of 349.8 square kilometers, is located at the southern end of Hainan-Yuedong structural belt in the Bohai Bay Basin. The contract term is 30 years with a production period of 20 years and a three-year pilot experiment period. Preparation for overall development was initiated in November 2008. Four artificial islands, one combined onshore processing plant, and ancillary oil pipelines will be built. One artificial island and two auxiliary production platforms were completed at Hainan Yuedong Project in 2010. The project has been put into trial production, with eight wells producing approximately 100 metric tons of crude a day.
Operators:
Tincy Group Energy Resources Limited: Operator with 50% interest
CNPC: 50% interest