Chinese giant weighs up offshore shale oil production

Chinese offshore giant CNOOC Ltd is reconsidering plans to shelve the development of a major shale oil discovery made last year ago in the South China Sea’s Beibu Gulf.

An executive with CNOOC Ltd’s local exploration and development unit CNOOC Zhanjiang told Upstream on the sidelines of the recent Offshore China Convention held by CDMC in Shenzhen that his company is ready to submit an overall development to the parent company by the end of this year.

CNOOC Ltd announced a shale oil discovery last July, with Weiye-1 discovery well flowing around 126 barrels per day of shale oil and around 1589 cubic metres per day of shale gas upon fracking, which the company claimed is commercial.