CNOOC Starts New Oil Production at Penglai Field

China's CNOOC Ltd started producing crude oil at 1/3/8/9 block of the Penglai 19-3 oilfield off north China's Bohai Bay, the company said in a statement on Tuesday.

The new block currently has two wells in production and daily output is expected to reach a peak rate of 58,700 barrels in 2020.

CNOOC Ltd owns 51 percent of the block and acts as operator, while U.S. firm Conocophillips (COP) owns 49 percent.

(Reporting by Chen Aizhu; Editing by Susan Fenton)