Lufeng field to shut down by year-end

STAVANGER, NORWAY: StatoilHydro and Chinese National Offshore Oil Company (CNOOC) have reached a mutual agreement through which CNOOC will accept full responsibility for the abandonment of the Lufeng field in the South China Sea.

The field has been in production since 1997, and was originally scheduled for shutdown in 2004. Located offshore China, the field had produced more than 42 million barrels by year-end 2008, far more than the 25 million barrels of oil originally projected.Lufeng 22-1 lies some 250 kilometers (155 miles) southeast of Hong Kong. Lufeng 22-1 was first discovered in 1983 by Occidental. Ampolex took over in 1991 and sold its interests to StatoilHydro in 1996. Under the mutual agreement, StatoilHydro will hand over its 75 percent interest in Lufeng 22-1 to CNOOC. The transfer will take effect after the production shutdown later this year.

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