On October 27, CNOOC Limited announced that Penglai 19-3 Oilfield Area 5/10 Development Project has commenced production.

The project is located in south-central Bohai Sea, with an average water depth of approximately 30 meters. The main production facilities include 2 wellhead platforms. 130 development wells are planned to be commissioned, including 87 production wells and 43 water-injection wells. It is expected to achieve a peak production of approximately 29,800 barrels of crude oil per day in 2027.

CNOOC Limited holds 51% interest in this project and acts as the operator, while ConocoPhillips China holds the remaining 49% interest.