CNOOC Limited Announces Luda 6-2 Oilfield Commences Production

Rhea-AI Summary

CNOOC Limited announced the early commencement of production at the Luda 6-2 oilfield in Liaodong Bay, Bohai Sea. The project utilizes existing facilities from the Suizhong 36-1 oilfield and includes a new central platform. A total of 38 wells are planned, with a peak production estimate of approximately 10,000 barrels of crude oil per day anticipated in 2022. CNOOC holds a 100% interest in the oilfield and is the operator.

Positive

• Early production commencement at Luda 6-2 oilfield.
• Peak production expected to reach 10,000 barrels of crude oil per day in 2022.
• Utilization of existing facilities from Suizhong 36-1 oilfield to optimize operations.

Negative

• Potential risks related to sanctions against companies with ties to the Chinese military.
• Fluctuations in crude oil and natural gas prices could impact financial performance.

HONG KONG, Aug. 23, 2021 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that Luda 6-2 oilfield has commenced production ahead of schedule.

Luda 6-2 oilfield is located in Liaodong Bay of Bohai Sea, with average water depth of about 30 meters. In addition to fully utilizing the existing processing facilities of Suizhong 36-1 oilfield, the project has built a new central platform. A total of 38 development wells are planned, including 29 production wells, 8 water injection wells and 1 development and appraisal well. The project is expected to reach its peak production of approximately 10,000 barrels of crude oil per day in 2022.

CNOOC Limited holds 100% interest in Luda 6-2 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 that 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 the Company and its controlling shareholder being listed in the list of the U.S. for sanction against companies with alleged ties to the Chinese military, 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. 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 significance of the Luda 6-2 oilfield production announcement by CNOOC?

The announcement signifies early production commencement, contributing to CNOOC's output and financial performance.

When is the peak production expected for Luda 6-2 oilfield?

Peak production at Luda 6-2 oilfield is expected to reach approximately 10,000 barrels of crude oil per day in 2022.

What is CNOOC's interest in the Luda 6-2 oilfield?

CNOOC holds a 100% interest in the Luda 6-2 oilfield, acting as the operator of the project.

Where is the Luda 6-2 oilfield located?

The Luda 6-2 oilfield is located in Liaodong Bay of Bohai Sea.

What potential risks could affect CNOOC's operations mentioned in the press release?

Potential risks include sanctions related to Chinese military ties and fluctuations in crude oil and natural gas prices.