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CNOOC Ltd pays up for PY30-1
By Upstream staff
China National Offshore Oil Corporation Ltd (CNOOC Ltd) has decided to provide advance payment for work on a new jacket for the Pan Yu 30-1 project, in a bid to push towards start up of the PY30-1 gas field.
In June last year, an inspection revealed that an underwater section of the PY30-1 jacket was partially deformed.
Since then, CNOOC Ltd has dismantled the modules on the top of the jacket, and has been looking at solutions which would enable it to bring the field on stream quickly.
At present, the Chinese producer is in talks over construction all risks insurance compensation of the project.
CNOOC Ltd's executive vice president Liu Jian said: "We believe an accelerated start-up of PY 30-1 is in the best interests of the company. Our decision to provide advance payment for the new jacket construction also evidences that we are a responsible corporation."
Wednesday, 21 February, 2007, 08:51 GMT | last updated: Wednesday, 21 February, 2007, 08:51 GMT
