Recently, offshore Oil exploration in China has been the greater focus of the oil majors. CNOOC has initiated several Production Sharing Contracts (PSCs) with international oil companies for exploration and development in the Bohai Bay region. ConocoPhillips holds the largest acreage in the area, with total discovered reserves estimated at 732 million barrels. ConocoPhillips has a 49 percent stake in the Bozhong 11/05 block and has produced 30,000 bbl/d of Crude Oil from its Peng Lai 19-3 field since 2002, which it expects will eventually produce 140,000 bbl/d. Other companies involved in oil exploration and production activities in the Bohai Bay region are Kerr-McGee, Apache, Chevron, and Royal Dutch Shell. Some independent analysts estimate that the Bohai Bay area holds more than 1.5 billion barrels of recoverable oil reserves.