The production platform is designed to produce approximately 10,000 barrels of oil per day (BOPD). Initial production at a rate of 6,000 BOPD commenced on January 13, 2003 from three wells. Production is expected to reach capacity next month from the platform's 18 wells (11 production wells, 5 injectors, 1 water source and 1 gas well).
Charles D. Davidson, Chairman, President and CEO of Noble Energy, said, "With the start-up of crude oil production in China, we have completed yet another significant international project. Cheng Dao Xi is an attractive component of Noble Energy's global portfolio due to its stable production combined with additional exploitation and development opportunities."
The CDX field is located on the south side of Bohai Bay in approximately 25 feet of water. A five-mile pipeline connects the production platform to existing onshore processing and pipeline infrastructure located in the Shengli oil field.
Noble Energy, through its subsidiary Energy Development Corporation (China), Inc., has a 57 percent working interest in the CDX field. China Petro-chemical Corporation (SINOPEC) is Noble Energy's partner with a 43 percent working interest.
Noble Energy is one of the nation's leading independent energy companies and operates throughout major basins in the United States including the Gulf of Mexico, as well as internationally, in Argentina, China, Ecuador, Equatorial Guinea, the Mediterranean Sea, the North Sea and Vietnam. Noble Energy markets natural gas and crude oil through its subsidiary, Noble Energy Marketing, Inc.
This news release includes "forward-looking statements" within the meaning
of the Securities Act of 1933, as amended, and of the Securities Exchange Act
of 1934, as amended. All statements other than statements of historical fact
included in this news release, including, without limitation, estimates of
production and reserves, construction completion and statements of business
prospects, objectives and strategies, are forward-looking statements.
Important factors that could cause the actual results of Noble Energy to
differ materially from those indicated by the forward-looking statements
include, without limitation, the volatility in commodity prices for oil and
gas, the actual presence or recoverability of estimated reserves, the ability
to replace reserves, environmental risks, drilling and other operating risks,
risks related to exploration and development, competition, government
regulation or action, the ability of management to execute its operating plans
to meet stated business goals and other risks inherent in Noble Energy's
business that are detailed in its Securities and Exchange Commission filings.
SOURCE Noble Energy, Inc.