China National Offshore Oil Corp. (CNOOC) and ConocoPhillips China Inc. (COPC) announced that “Hai Yang Shi You 117”, China’s biggest FPSO, started production in Penglai (PL) 19-3 oilfield. PL 19-3 is jointly developed by CNOOC Limited and COPC. This FPSO, also named “Bo Hai Peng Bo”, is among the largest of its type in the world and with the world’s largest topside modules. It is designed to process 190,000 barrels of oil per day and has a storage volume of 2 million barrels of oil.“Hai Yang Shi You 117” is part of Phase II development at PL 19-3 and PL 25-6 oilfields. In December 1994, CNOOC and COPC signed a PSC for Block 11/05. CNOOC Limited and COPC hold 51% and 49% of its interests respectively, and COPC acts as the operator.