China has launched full-capacity production at its first independently developed deepwater oil project, which is located in the eastern section of the South China Sea, China National Offshore Oil Corporation (CNOOC) said in a statement sent to Global Times on Monday. The Liuhua 16-2 oilfield cluster started production in September 2020, CNOOC said back then. As part of the project, CNOOC plans to put into production and development a total of 26 wells via a floating production storage and offloading (FPSO) and three underwater production systems, the Chinese offshore oil giant said. The Eastern South China Sea is one of CNOOC’s most important crude oil and natural gas producing areas , where crude is mostly of light to medium gravity. As of the end of 2019, the reserves and production in the Eastern South China Sea reached 633.9 million BOE and 242,026 BOE/day, respectively, accounting for 12.2 percent of […]