CNOOC Limited Announces Bozhong 19-4 Oilfield Comprehensive Adjustment Project Commences Production

Rhea-AI Summary

CNOOC Limited has commenced production on the Bozhong 19-4 oilfield comprehensive adjustment project, located in the Bohai Sea. The project will utilize existing facilities from the Bozhong 25-1 oilfield and includes a new eight-legged central equipment platform. There are plans for 25 development wells (18 production and 7 water injection), with peak production expected at 11,000 barrels per day by 2022. CNOOC holds a 100% interest in this project and serves as the operator.

Positive

• Commencement of production at Bozhong 19-4 oilfield project.
• Expected peak production of approximately 11,000 barrels per day in 2022.
• Utilization of existing facilities from Bozhong 25-1 oilfield.

Negative

• Dependence on fluctuating crude oil prices.
• Potential risks from U.S. sanctions relating to alleged ties to the Chinese military.
• Environmental compliance and competitive pressures in the oil and gas industry.

HONG KONG, Sept. 24, 2021 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that Bozhong 19-4 oilfield comprehensive adjustment project has commenced production.

Bozhong 19-4 oilfield comprehensive adjustment project is located in the south of Bohai Sea, with average water depth of about 21 meters. In addition to fully utilizing the existing processing facilities of Bozhong 25-1 oilfield, the project has built a new eight-legged central equipment platform. A total of 25 development wells are planned, including 18 production wells, 7 water injection wells. The project is expected to reach its peak production of approximately 11,000 barrels of crude oil per day in 2022.

CNOOC Limited holds 100% interest in Bozhong 19-4 oilfield comprehensive adjustment project and acts as the operator.

- End -

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

*** *** *** ***
This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements.

These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company's expectations, including but not limited to the Company and its controlling shareholder being listed in the list of the U.S. for sanction against companies with alleged ties to the Chinese military, those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, environmental responsibility and compliance requirements, the Company's price forecast, the exploration and development activities, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

*** *** *** ***

For further enquiries, please contact:

Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn

Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707 
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/cnooc-limited-announces-bozhong-19-4-oilfield-comprehensive-adjustment-project-commences-production-301384630.html

SOURCE CNOOC Limited

FAQ

What is the Bozhong 19-4 oilfield project by CNOOC?

The Bozhong 19-4 oilfield project is a comprehensive adjustment initiative by CNOOC, located in the Bohai Sea, aimed at enhancing production capabilities.

When is the peak production expected for the Bozhong 19-4 oilfield?

The peak production for the Bozhong 19-4 oilfield is expected to reach approximately 11,000 barrels per day in 2022.

What is the production capacity of the Bozhong 19-4 oilfield project?

The Bozhong 19-4 oilfield project plans to establish 25 wells, comprising 18 production wells and 7 water injection wells.

Is CNOOC the operator of the Bozhong 19-4 oilfield project?

Yes, CNOOC Limited holds 100% interest and acts as the operator of the Bozhong 19-4 oilfield project.

What are the risks associated with the Bozhong 19-4 oilfield project?

Risks include fluctuations in crude oil prices and U.S. sanctions related to the company's alleged ties to the Chinese military.