Chinese offshore oil producer Cnooc Ltd. (CEO) aims to increase production at Bohai Bay to make it the country’s second-largest oil field in terms of output within five years, company officials said.
The offshore hub in northern China produced 98.1 million barrels of oil equivalent last year, and must double output to edge out Shengli oil field in eastern China before it can claim second spot, said Chen Bi, vice-president of Cnooc Ltd. and general manager of the Tianjin unit that oversees the Bohai Bay operations.