On September 25, CNOOC Limited announced that Lufeng 12-3 Oilfield Development Project has commenced production.

The project is located in the eastern South China Sea, with an average water depth of approximately 240 meters. The main production facilities include one wellhead platform and one newly built 100,000-ton intelligent FPSO, with 13 development wells planned to be put into production. It is expected to achieve a peak production of approximately 29,500 barrels of crude oil per day in 2024.

Lufeng 12-3 Oilfield is the largest jointly-developed oilfield in the South China Sea in the past decade. It will provide stable energy supply for the Guangdong-Hong Kong-Macao Greater Bay Area and contribute to the high-quality development of local economy.

CNOOC Limited holds a 60.8% interest in the project, while SK earthon owns 39.2% and acts as the operator.