CNOOC Limited Announces Nanbao 35-2 Oilfield S1 Area Commences Production

Rhea-AI Summary

CNOOC Limited (CEO) announced the commencement of production at the Nanbao 35-2 oilfield S1 area in Bohai, with an average water depth of 17 meters. Utilizing existing facilities, the project includes one unmanned wellhead platform and three planned development wells, aiming to peak at approximately 1,800 barrels of crude oil per day in 2021. The company holds a 100% interest in this oilfield.

Positive

• Commencement of production at Nanbao 35-2 oilfield S1 area.
• Projected peak production of 1,800 barrels of crude oil per day in 2021.
• CNOOC holds 100% interest in the oilfield.

Negative

• Uncertainties related to fluctuations in crude oil prices.
• Risks associated with the competitive oil industry and economic factors.

HONG KONG, Sept. 10, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Nanbao 35-2 oilfield S1 area has commenced production.

Nanbao 35-2 oilfield S1 area is located in the central Bohai with average water depth of 17 meters. In addition to fully utilizing the existing facilities of Nanbao 35-2 oilfield, the major production facility includes 1 unmanned wellhead platform. A total of 3 development wells are planned. The project is expected to reach its peak production of approximately 1,800 barrels of crude oil per day in 2021.

CNOOC Limited holds 100% interest of Nanbao 35-2 oilfield S1 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-nanbao-35-2-oilfield-s1-area-commences-production-301128161.html

SOURCE CNOOC Limited

FAQ

What is the significance of CNOOC's Nanbao 35-2 oilfield S1 area announcement?

The announcement signifies the commencement of production, which is expected to significantly contribute to the company's output, peaking at 1,800 barrels per day in 2021.

What is the production capacity planned for the Nanbao 35-2 oilfield S1 area?

CNOOC plans to reach a production capacity of approximately 1,800 barrels of crude oil per day by 2021.

When did CNOOC announce the commencement of production for the Nanbao 35-2 oilfield?

The announcement was made on September 10, 2020.

What are some risks associated with CNOOC's production at the Nanbao 35-2 oilfield?

Risks include fluctuations in crude oil prices, macroeconomic factors, and competition in the oil and gas industry.