CNOOC Limited Announces Jinzhou 25-1 Oilfield 6/11 Area Commences Production

Rhea-AI Summary

CNOOC Limited announced the commencement of production at the Jinzhou 25-1 oilfield 6/11 area in central Liaodong Bay, Bohai on Sept. 28, 2020.

This project includes utilizing existing facilities and building an eight-legged wellhead platform with plans for 19 production wells and 10 water injection wells.

Peak production is expected to reach approximately 16,500 barrels per day in 2023.

Positive

• Commencement of production at Jinzhou 25-1 oilfield enhances CNOOC's operational capacity.
• Project expected to reach peak production of 16,500 barrels per day, boosting revenue potential.

Negative

• None.

HONG KONG, Sept. 28, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Jinzhou 25-1 oilfield 6/11 area has commenced production.

Jinzhou 25-1 oilfield 6/11 area is located in central Liaodong Bay in Bohai with average water depth of 22.5 meters. In addition to fully utilizing the existing facilities of Jinzhou 25-1 oilfield and Jinzhou 25-1S oilfield, the project has built one eight-legged wellhead platform. A total of 19 production wells and 10 water injection wells are planned. It is expected to reach the peak production of approximately 16,500 barrels of crude oil per day in 2023.

CNOOC Limited holds 100% interest of Jinzhou 25-1 oilfield 6/11 area.

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 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.

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 

View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-jinzhou-25-1-oilfield-611-area-commences-production-301138852.html

SOURCE CNOOC Limited

FAQ

What is the significance of the Jinzhou 25-1 oilfield 6/11 area's production commencement?

The commencement increases CNOOC's operational capacity and is expected to enhance revenue with peak production anticipated at 16,500 barrels per day.

When was the Jinzhou 25-1 oilfield 6/11 area production announcement made?

The announcement was made on September 28, 2020.

What are the expected production figures for the Jinzhou 25-1 oilfield?

The expected peak production is approximately 16,500 barrels of crude oil per day in 2023.

What infrastructure was developed for the Jinzhou 25-1 oilfield's production?

An eight-legged wellhead platform was built, along with plans for 19 production wells and 10 water injection wells.