CNOOC Limited Announces Liuhua 29-2 Gas Field Commences Production

Rhea-AI Summary

CNOOC Limited announced on May 6, 2021, the commencement of production at the Liuhua 29-2 gas field, located in the eastern South China Sea, 300 kilometers southeast of Hong Kong. The gas field, with a water depth of approximately 750 meters, will reach a peak production of about 41 million cubic feet of natural gas per day in 2021. CNOOC holds 100% interest in the field and has developed a new subsea wellhead to utilize existing production facilities. This operation enhances CNOOC's strategic positioning in the competitive natural gas market.

Positive

• Commencement of production at Liuhua 29-2 gas field.
• Expected peak production of approximately 41 million cubic feet of natural gas per day.
• CNOOC holds 100% interest in the gas field, ensuring full operational control.

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• None.

HONG KONG, May 6, 2021 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that Liuhua 29-2 gas field has commenced production.

The Liuhua 29-2 gas field is located in the eastern South China Sea, 300 kilometers southeast of Hong Kong, with water depth of about 750 meters. A new subsea wellhead has been built, with 1 development well planned, which will fully utilize the existing production facilities of Liwan 3-1 gas field and other deepwater gas fields. It is expected to reach a peak production of approximately 41 million cubic feet of natural gas per day in 2021.

CNOOC Limited holds 100% interest of Liuhua 29-2 gas field and acts as the operator.

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

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 production capacity of Liuhua 29-2 gas field?

The Liuhua 29-2 gas field is expected to reach a peak production of approximately 41 million cubic feet of natural gas per day.

Where is the Liuhua 29-2 gas field located?

The Liuhua 29-2 gas field is located in the eastern South China Sea, about 300 kilometers southeast of Hong Kong.

When did CNOOC announce the production commencement at Liuhua 29-2?

CNOOC announced the commencement of production at the Liuhua 29-2 gas field on May 6, 2021.

What is CNOOC's interest in the Liuhua 29-2 gas field?

CNOOC holds 100% interest in the Liuhua 29-2 gas field, acting as the operator.