CNOOC Limited Announces Luda 21-2/16-3 Regional Development Project Commences Production

Rhea-AI Summary

CNOOC Limited announced the commencement of production at the Luda 21-2/16-3 regional development project on July 20, 2020. Located in the Bohai Sea, about 39 kilometers from the Luda 10-1 oilfield, the project includes one central platform and three wellhead platforms. It is expected to reach peak production of approximately 25,600 barrels of crude oil per day by 2022. CNOOC holds a 100% interest in this development, which involves a total of 69 planned development wells.

Positive

• Commencement of production at Luda 21-2/16-3 enhances overall output capacity.
• Projected peak production of approximately 25,600 barrels of crude oil per day by 2022.
• CNOOC holds 100% interest, providing full control over the project's benefits.

Negative

• Potential risks associated with fluctuations in crude oil prices affecting revenue.
• Operational challenges due to environmental compliance and competitive industry pressures.

HONG KONG, July 20, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Luda 21-2/16-3 regional development regional has commenced production.

Luda 21-2/16-3 regional development project is located in Liaodong Bay of Bohai Sea, about 39 kilometers north of Luda 10-1 oilfield and 90 kilometers northwest of Suizhong 36-1 onshore terminal. The average water depth of the regional development project is about 25 meters. The project has built 1 central platform, 3 wellhead platforms and 1 production adjective platform. A total of 69 development wells are planned. The project is expected to reach its peak production of approximately 25,600 barrels of crude oil per day in 2022.

CNOOC Limited holds 100% interest of Luda 21-2/16-3 regional development project.

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

What is the Luda 21-2/16-3 project by CNOOC?

The Luda 21-2/16-3 project is a regional development initiative by CNOOC located in the Bohai Sea, focusing on crude oil production.

When did CNOOC commence production at the Luda 21-2/16-3 project?

CNOOC commenced production at the Luda 21-2/16-3 project on July 20, 2020.

What is the expected peak production for the Luda 21-2/16-3 project?

The expected peak production for the Luda 21-2/16-3 project is approximately 25,600 barrels of crude oil per day by 2022.

What is the water depth of the Luda 21-2/16-3 project?

The average water depth of the Luda 21-2/16-3 project is about 25 meters.

How many wells are planned for the Luda 21-2/16-3 project?

A total of 69 development wells are planned for the Luda 21-2/16-3 project.