CNOOC (China National Offshore Oil Company) Limited recently announced that the company and ConocoPhillips China Inc. (COPC), the cooperative partner of Penglai Oilfield 19-3, had signed a contract with the China State Shipbuilding Corporation (CSSC) for building a super large 300,000 DWT (Dead Weight Ton) floating, production, storage and offloading (FPSO) vessel for the Penglai Oilfield. It is the biggest FPSO hull that to be built in China.
According to CSSC, the contractual value involved will be about US$230 million, the biggest ever inked by a Chinese shipbuilder for building a single vessel.
More on FPSOs here
Penglai 19-3 Oilfield, the largest offshore oilfield in China, has commenced in the southern Bohai Sea. The oilfield, with reserves of 600 million tons, is believed to be the second-largest complete oilfield after the famous Daqing Oilfield, which was discovered in 1959 in northeast China.(source)
The Penglai 19-3 Oilfield covers an area of 50 square kilometers, and lies at a depth of between 900 and 1,400 meters near Longkou coastline in Shandong Province. It has an oil layer of 150 meters deep on average.