ConocoPhillips boosts China investment

ConocoPhillips plans to raise its investment in China for the development of Penglai oilfield in northern China’s Bohai Sea, a company official has said. The official declined to give a figure for the additional investment or total investment for developing the second phase of the Penglai field. He said ConocoPhillips is still in discussions with CNOOC Ltd regarding the investment, and that the second phase development for Penglai is still pending approval from the Chinese government. ConocoPhillips holds 49% of the Penglai field and the remainder is held by CNOOC Ltd. The two companies are now developing the first phase of the field, which will start crude production in the first half of next year, at an initial flow of 35,000-40,000 barrels a day. The second phase will start production in 2005 at the rate of 100,000-130,000 barrels a day. Penglai is China’s largest offshore oil find so far.

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