Core Insights - The successful production of the Liuhua 11-1/4-1 oil field secondary development project marks a significant achievement for China National Offshore Oil Corporation (CNOOC) in overcoming the challenges associated with developing reef limestone oil fields, which are known for their high difficulty level [2] Group 1: Project Overview - The Liuhua 11-1/4-1 oil field secondary development project has produced over 700,000 tons of crude oil in its first year, exceeding expectations [2] - This oil field is China's first deepwater oil field and has the largest proven geological reserves of reef limestone oil in the country [2] Group 2: Technical Achievements - CNOOC has developed a series of water control and oil stabilization technologies specifically for offshore reef limestone oil fields, which have significantly improved the recoverable reserves and recovery rates [2] - The Liuhua 11-1 oil field has produced over 20 million tons of crude oil since its commissioning in 1996, but the extraction rate remains low at only 12.84%, indicating that approximately 140 million tons of crude oil reserves are still untapped beneath the seabed [2]

Core Insights - The successful production of the Liuhua 11-1/4-1 oilfield secondary development project marks a significant achievement for China National Offshore Oil Corporation (CNOOC) in overcoming the challenges of developing deep-water reef limestone oilfields, contributing to national energy security and revitalizing billion-ton deep-water oilfields [1][4]. Group 1: Project Overview - The Liuhua 11-1/4-1 oilfield project, located in the Pearl River Mouth Basin, consists of two oilfields with an average water depth of approximately 305 meters and plans to produce from 32 production wells [4]. - As of now, 27 production wells have been put into operation, with a daily crude oil production steadily increasing to 3,400 tons, which is 1.25 times the designed peak daily production [4]. Group 2: Technical Achievements - The Liuhua 11-1 oilfield, China's first deep-water oilfield, has produced over 20 million tons of crude oil since its launch in 1996, with a current recovery rate of only 12.84%, indicating significant untapped reserves of approximately 140 million tons [4][5]. - CNOOC has developed a series of water control and oil stabilization technologies over ten years, leading to significant improvements in recoverable reserves and recovery rates, extending the field's lifespan by 30 years [5]. Group 3: Production Efficiency - The current production wells in the Liuhua 11-1/4-1 oilfield have a daily liquid production rate of only 37.4% of the design value, with a comprehensive water cut reduced by 22% compared to the design, while crude oil production exceeds expectations [5]. - The operational success of the project validates the reliability of the water control and oil stabilization technology and the economic effectiveness of the "deep-water jacket platform + cylindrical FPSO" development model, contributing a "Chinese solution" for the efficient development of similar deep-water oil and gas fields [5].