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CNOOC announces successful appraisal well in South China Sea
(Xinhua)
Updated: 2004-08-13 14:32
China National Offshore Oil Corp.(CNOOC) Limited Thursday announced in Hong Kong the
success of Panyu (PY) 34-1-2 an appraisal well in the eastern South China Sea.
PY 34-1-2, about 250 kilometers southeast of Hong Kong, is an appraisal
well drilled on PY 34-1 structure in Baiyun Sag. The well was drilled to a total
depth of 3,600 meters in 200 meters ofwater. PY 34-1-2 was tested to produce
18.42 million cubic feet ofgas per day on 12 mm choke during drill stem test.
PY 34-1 discovery is about 10 kilometers southwest of PY 30-1 gas
discovery which was made late 2002.
The preliminary development plan of PY 30-1 and PY 34-1 calls for an
integrated design to add productions from smaller reserves in the area to
capture further economics. The gas is targeting thefast growing Guangdong gas
market.
Zhang Guohua, senior vice president of the company, commented that "PY
34-1 is a nice addition to the significant gas reserve atPY 30-1. Developed
together, it is expected to enhance returns."
The CNOOC, a listed company in HK, acts as the operator and owns 100
percent interest of PY 34-1 discovery.
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