Sino Geophysical (SHE:300191) and subsidiary Smart Oil have started production at the Weizhou 5-3 oilfield, a joint venture with CNOOC (SHA:600938, HKG:0883) in China's Beibu Gulf.
The project launched on June 6, with 10 development wells planned, according to a Monday filing with the Shenzhen bourse. Smart Oil holds a 49% stake in the project, while CNOOC holds 51%.
The first well is now online, with full capacity of about 10,000 barrels of oil equivalent daily expected by 2026.
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