China National Offshore Oil Corp. (CNOOC) Ltd. (00883.HK), the nation’s largest offshore oil producer, has started production at two of its newest oil fields in the South China Sea, Xinhua news agency reported Thursday, citing a company statement. Wenchang 19-1, located west of the Pearl River Estuary basin, has three wells in operation and CNOOC wholly owns and operates the field. Weizhou 12-8 in the Gulf of Tonkin has five wells, and the company holds a 51 percent stake and operates the field. Both are expected to reach their daily output peak this year, the report said, without giving specific amounts.
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