CNOOC Limited Announces Bozhong 26-3 Oilfield Expansion Project Commences Production

Rhea-AI Summary

CNOOC Limited has announced that the Bozhong 26-3 oilfield expansion project has commenced production. Located in the Bohai Sea with an average water depth of 21 meters, it utilizes existing facilities and has established a new unmanned wellhead platform. The project plans to drill 8 wells, aiming for peak production of 2,670 barrels of crude oil per day in 2021. CNOOC holds a 100% interest in this project and serves as the operator.

Positive

• Commencement of production in the Bozhong 26-3 oilfield expansion project.
• Expected peak production of approximately 2,670 barrels of crude oil per day in 2021.
• CNOOC holds 100% interest in the project, ensuring full control.

Negative

• Potential risks associated with sanctions against the company due to alleged ties to the Chinese military.
• Exposure to fluctuations in crude oil prices affecting revenue.
• Competitive pressures in the oil and gas industry.

HONG KONG, Aug. 26, 2021 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that Bozhong 26-3 oilfield expansion project has commenced production.

Bozhong 26-3 oilfield expansion 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, the project has built a new unmanned wellhead platform and a power platform. A total of 8 development wells are planned, including 5 production wells, 2 water injection wells and 1 development and appraisal well. The project is expected to reach its peak production of approximately 2,670 barrels of crude oil per day in 2021.

CNOOC Limited holds 100% interest in Bozhong 26-3 oilfield expansion project and acts as the operator.

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Notes to Editors:

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

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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.

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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

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SOURCE CNOOC Limited

FAQ

What is the Bozhong 26-3 oilfield expansion project announcement by CNOOC?

CNOOC announced that the Bozhong 26-3 oilfield expansion project has commenced production.

What is the expected peak production of the Bozhong 26-3 oilfield?

The project is expected to reach peak production of approximately 2,670 barrels of crude oil per day.

What are the risks associated with CNOOC's Bozhong 26-3 project?

Risks include potential sanctions against the company and fluctuating crude oil prices.

Who operates the Bozhong 26-3 oilfield expansion project?

CNOOC Limited is the operator of the Bozhong 26-3 oilfield expansion project.