's first-ever homemade 300,000 tonnage FPSO (floating production storage and offloading) vessel was successfully launched on Dec. 8 in Shanghai.
The vessel, produced by Shanghai Waigaoqiao Shipbuilding Co. Ltd., involves a contract value of US$240 million, said to be approximately equivalent to the cost of a giant Airbus A380 airliner.
Capable of processing 190,000 barrels of oil per day and storing 2 million tons of oil, the vessel will be used by American oil company ConocoPhillips (COP)
' phase II oil development in Penglai 19-3, a heavy- crude field in the Bohai Sea.
Penglai 19-3 is a joint development project between ConocoPhillips and Chinese offshore oil producer CNOOC (CEO)
. The FPSO vessel is a part of the cooperation project.