CNOOC (00883.HK) announced that the Luhua 11-1/4-1 oil field under its subsidiary has commenced its second-phase development project, planning to develop and produce 32 wells. It is expected to achieve a peak daily production of approximately 0.0179 million barrels of crude oil product equivalent by 2026, with heavy crude oil properties. CNOOC holds 100% equity in the project and acts as the operator.

The project is located in the eastern waters of the South China Sea, consisting of the Luhua 11-1 and Luhua 4-1 oil fields. The average water depth is approximately 305 meters, with the main production facilities being a newly built deepwater pipeline support platform 'Haiji II' and a cylindrical FPSO 'Hai Kui I.' CEO and President Zhou Xinhua stated that this project is the first in Asia to adopt the development model of a deepwater pipeline support platform combined with a cylindrical FPSO. CNOOC has successfully overcome several key core technologies in the process, significantly reducing engineering & construction and production costs while promoting the revitalization of billion-ton deepwater oil fields.