CNOOC Limited Announces Commencement of Production at Liuhua 16-2 Oilfield / 20-2 Oilfield Joint Development Project

Rhea-AI Summary

CNOOC Limited announced the commencement of production at the Liuhua 16-2 and 20-2 oilfields, located in the Eastern South China Sea. This joint development project involves the deployment of a 150,000 DWT FPSO and three underwater production systems, with plans for 26 development wells. The project aims to achieve a peak production of approximately 72,800 barrels of crude oil per day by 2022. CNOOC holds a 100% interest in these oilfields, marking a significant advancement in their operational capabilities.

Positive

• Commencement of production at Liuhua 16-2 and 20-2 oilfields.
• Expected peak production of 72,800 barrels per day by 2022.
• 100% ownership of the joint development project.

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• None.

HONG KONG, Sept. 20, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Liuhua 16-2 oilfield/ 20-2 oilfield joint development project has commenced production.

Liuhua 16-2 oilfield / 20-2 oilfield joint development project is located in Eastern South China Sea. The average water depth of the joint development project is approximately 410 meters.  One 150,000 DWT FPSO and three underwater production systems are newly built. A total of 26 development wells are planned to be put into production and development. The project is expected to reach its peak production of approximately 72,800 barrels of crude oil per day in 2022.

CNOOC Limited holds 100% interest of Liuhua 16-2 oilfield/ 20-2 oilfield joint development project.

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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 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 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, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks.  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

Ms. Ada Leung 
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
E-mail: CNOOC@hkstrategies.com

 

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SOURCE CNOOC Limited

FAQ

When did CNOOC announce production at Liuhua 16-2 and 20-2 oilfields?

CNOOC announced the commencement of production on September 20, 2020.

What is the expected peak production of the Liuhua oilfields?

The expected peak production is approximately 72,800 barrels of crude oil per day by 2022.

Where are the Liuhua 16-2 and 20-2 oilfields located?

They are located in the Eastern South China Sea.

What type of infrastructure is being used in the Liuhua joint development project?

The project utilizes a 150,000 DWT FPSO and three underwater production systems.

What percentage of interest does CNOOC hold in the Liuhua oilfields?

CNOOC holds 100% interest in the Liuhua 16-2 and 20-2 oilfields.