CNOOC Limited Announces Dongfang 1-1 Gas Field Southeast Zone and Ledong 22-1 Gas Field South Block Development Project Commenced Production

Rhea-AI Summary

CNOOC Limited announced the early production commencement of the Dongfang 1-1 Gas Field Southeast Zone and Ledong 22-1 Gas Field South Block Development Project on September 1, 2022. Located in the Yinggehai area of the Western South China Sea, the projects utilize existing processing facilities and will have four development wells with two subsea production systems. These projects are projected to peak at approximately 44 million cubic feet of natural gas per day. CNOOC holds a 100% interest in both development projects.

Positive

• Early production commencement of two gas field development projects.
• Projected peak production of approximately 44 million cubic feet of natural gas per day.
• 100% ownership in the gas field projects.

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• None.

HONG KONG, Sept. 1, 2022 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, SSE: 600938) announced today that Dongfang 1-1 Gas Field Southeast Zone and Ledong 22-1 Gas Field South Block Development Project commenced production ahead of schedule.

The development projects locate in Yinggehai, Western South China Sea, with an average water depth of 90 meters. Utilizing the existing processing facilities of Dongfang 1-1 platform and Ledong 22-1 platform, the projects plan to commission 4 development wells and to produce through 2 subsea production systems, 2 mixed transportation pipelines of oil and gas and 2 umbilicals. The projects are expected to reach their peak production of approximately 44 million cubic feet of natural gas per day.

CNOOC Limited holds 100% interest in Dongfang 1-1 Gas Field Southeast Zone and Ledong 22-1 Gas Field South Block Development Project.

Notes to Editors:

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

This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects 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 as of this date 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 currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may 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, 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.

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. Ariel Wang
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6832
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn

Mr. 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 are the main highlights of the CNOOC gas field projects announced on September 1, 2022?

CNOOC announced early production commencement of the Dongfang 1-1 and Ledong 22-1 gas fields, with a projected peak production of 44 million cubic feet of gas per day.

Where are the Dongfang 1-1 and Ledong 22-1 gas fields located?

The projects are located in Yinggehai, Western South China Sea, at an average water depth of 90 meters.

What is the expected production capacity of the Dongfang 1-1 Gas Field Southeast Zone?

The expected peak production capacity is approximately 44 million cubic feet of natural gas per day.

Does CNOOC hold any interest in the Dongfang 1-1 Gas Field Southeast Zone?

Yes, CNOOC holds a 100% interest in the Dongfang 1-1 Gas Field Southeast Zone and Ledong 22-1 Gas Field South Block Development Project.