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CNOOC shuts down platforms after subsea pipeline leak
By Richard Fu |
December 20, 2011, Tuesday
|
Online Edition
Online Edition
CNOOC Ltd, China's dominant offshore energy producer, has reported another leak in a subsea gas pipeline that forced it to close production at two fields in the South China Sea.
The leakage was found in the pipeline near CNOOC's Zhuhai Hengqin gas processing terminal, the Hong Kong-listed company said in a statement yesterday, adding it has shut down the production of relevant platforms in the Panyu 30-1 and Huizhou 21-1 fields.
CNOOC said this would cause a loss of around 26,700 barrels of oil equivalent per day. That's about 22 percent of CNOOC's total domestic gas production, or 3 percent of its total energy production per day.
"While it's still unclear how long it will take CNOOC to fix the problem, we expect it to take normally around 3-4 months to fix a subsea pipeline problem," analysts at Sanford C. Bernstein wrote in a note today.
No injury or environmental pollution has been reported and the situation is under control, CNOOC said. The cause of the incident is still under investigation.
CNOOC has reduced its annual output target to 331 million-341 million barrels of oil equivalent from 355-365 million barrels after China in September ordered all production to be suspended at its 51-percent owned Penglai 19-3 oilfield in the Bohai Bay following two oil leaks that started in June.
The leakage was found in the pipeline near CNOOC's Zhuhai Hengqin gas processing terminal, the Hong Kong-listed company said in a statement yesterday, adding it has shut down the production of relevant platforms in the Panyu 30-1 and Huizhou 21-1 fields.
CNOOC said this would cause a loss of around 26,700 barrels of oil equivalent per day. That's about 22 percent of CNOOC's total domestic gas production, or 3 percent of its total energy production per day.
"While it's still unclear how long it will take CNOOC to fix the problem, we expect it to take normally around 3-4 months to fix a subsea pipeline problem," analysts at Sanford C. Bernstein wrote in a note today.
No injury or environmental pollution has been reported and the situation is under control, CNOOC said. The cause of the incident is still under investigation.
CNOOC has reduced its annual output target to 331 million-341 million barrels of oil equivalent from 355-365 million barrels after China in September ordered all production to be suspended at its 51-percent owned Penglai 19-3 oilfield in the Bohai Bay following two oil leaks that started in June.
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