CNOOC Limited Announces Luda 29-1 Oilfield Commences Production

Rhea-AI Summary

CNOOC Limited announced the commencement of production at the Luda 29-1 oilfield in the Liaodong Bay of Bohai Sea. The oilfield, which is 100% owned by the company, is set to utilize existing processing facilities from the adjacent Luda 21-2 and Luda 16-3 oilfields and has constructed a new wellhead platform. The project aims to achieve peak production of approximately 4,440 barrels of crude oil per day in 2021, with a total of 7 development wells planned, including 4 production wells.

Positive

• Commencement of production at Luda 29-1 oilfield expected to peak at 4,440 barrels per day.
• Utilization of existing processing facilities enhances operational efficiency.

Negative

• Risks associated with fluctuations in crude oil prices could impact profitability.
• Dependence on macro-political and economic conditions may affect operations.

HONG KONG, July 21, 2021 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that Luda 29-1 oilfield has commenced production.

Luda 29-1 oilfield is located in Liaodong Bay of Bohai Sea, with water depth of about 32 meters. In addition to fully utilizing the existing processing facilities of Luda 21-2/Luda 16-3 oilfield, the project has also built a new wellhead platform, with 7 development wells planned in total, including 4 production wells, 2 water injection wells and 1 water source well. The project is expected to reach its peak production of approximately 4,440 barrels of crude oil per day in 2021.

CNOOC Limited holds 100% interest in Luda 29-1 oilfield and acts as the operator.

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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

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 the Luda 29-1 oilfield announced by CNOOC on July 21, 2021?

The Luda 29-1 oilfield is expected to reach a peak production capacity of approximately 4,440 barrels of crude oil per day.

Where is the Luda 29-1 oilfield located?

The Luda 29-1 oilfield is located in the Liaodong Bay of Bohai Sea.

What type of wells are planned for the Luda 29-1 oilfield?

A total of 7 development wells are planned, including 4 production wells, 2 water injection wells, and 1 water source well.

Who operates the Luda 29-1 oilfield?

CNOOC Limited holds 100% interest in the Luda 29-1 oilfield and acts as the operator.