(Yicai Global) May 17 -- The onshore-offshore oilfield developed by state-owned energy giants China National Petroleum Corp. and Abu Dhabi National Oil Co. has completed its first extraction.
The project covers five offshore oilfields and 7,800 square kilometers of onshore exploration blocks, CNPC said online yesterday. The pair agreed to work together in 2013, with the Middle Eastern partner taking a 60-percent stake in what was CNPC's first upstream cooperation in Abu Dhabi.
The offshore oilfield in question, Bu Haseer, began production on March 21 and can yield 5,300 barrels of crude each day under its current trial operations. It expects to deliver more than 8,000 barrels a day from June.
The project's first extraction lays the foundations for further business in the Middle East and plays a positive role in clarifying oil extraction procedures, the statement added, saying it was a crucial step toward a quick payback period.
Editor: James Boynton