A Chinese oil company said Friday it started production at an oil field off the northern coast of China that has 57 planned production wells. China National Offshore Oil Corp. announced Friday its Penglai 19-9 project in the shallow waters of Bohai Bay started production . “There are 57 planned producing wells in total with two wells currently producing approximately 750 barrels of crude oil per day,” the company said. “The adjustment project is expected to reach its overall development program designed peak production of approximately 13,000 barrels of crude oil per day in 2019.” Nearly a year-to-date, CNOOC, the country’s largest producer, lowered its production forecast in part because of emerging pressures from lower crude oil prices. A downturn in the Chinese […]