Sydney: Australian firms Roc Oil and Horizon Oil have made a new oil discovery in the Beibu Gulf, South China Sea, that will be developed as part of the combined WZ 6-12 and WZ 12-8W field development.
Partners in the Beibu exploration program are operator Roc with 40%, Horizon with 55% and Oil Australia with 5%. China’s largest offshore oil and gas company CNOOC Limited has the option to participate in any discoveries made.
Development of the Beibu Project is ongoing with first oil production targeted for the end of 2012 with ramp up to full production expected during 2013. [10/10/12]
