Bohai Bay Cooperation Project

As a non-operator joint venture partner, Chevron China Energy has cooperated with CNOOC in three oil fields in Bohai Bay. Chevron China Energy has a 24.5% mining interest in Qinhuangdao 32-6 oilfield, and a 16.2% mining interest in Bozhong 25-1 oilfield and Bozhong 19-4 oilfield. CNOOC is the operator of the above three oil fields and owns the remaining mining rights.

 

Qinhuangdao 32-6 Oilfield is the first offshore oilfield project in which a Chinese company is the operator and a foreign company is a non-operator joint venture partner. The first phase of Qinhuangdao 32-6 oilfield development includes six platforms. In the early stage of project development, Chevron China Energy recruited experts in different fields from Chevron’s global department to assign experts to the project to help operators plan and execute project construction and production operations. After close cooperation between the two parties, it only took two years from signing the contract to putting it into production. Through optimized production and small-scale adjustment of wells, Qinhuangdao 32-6 Oilfield has maintained a stable production capacity throughout the year.

 

In order to optimize the recovery rate of the Qinhuangdao 32-6 oilfield and maximize the value of the joint venture project, Chevron China Energy and CNOOC signed a second phase comprehensive adjustment project agreement in 2013 to build four additional platforms. In many years of cooperation, Chevron China Energy has introduced a number of technologies and management tools and systems to partners, including safety principles and best practices, project management systems, asset management systems, new drilling and completion technologies, and metering systems and many more.