CNOOC Limited Announces Suizhong 36-1/Luda 5-2 Oilfield Secondary Adjustment and Development Project Commences Production
- The project is expected to achieve a peak production of approximately 30,300 barrels of crude oil per day in 2025.
- CNOOC Limited holds 100% interest in this project and acts as the operator.
- The project is the largest secondary development and adjustment project in offshore China.
- The project promotes the sustainable and green development of offshore oil and gas resources.
- None.
Insights
The commencement of production at the Suizhong 36-1/Luda 5-2 Oilfield represents a significant milestone for CNOOC Limited and the energy sector in China. With the project becoming the largest secondary development and adjustment project in offshore China, it highlights the country's ongoing commitment to optimizing existing resources. The expected peak production of approximately 30,300 barrels of crude oil per day in 2025 will contribute to the company's output and could potentially influence global oil supply dynamics, albeit marginally given the scale of global oil production.
The decision to utilize green electricity generated onshore indicates a strategic move towards environmental responsibility, aligning with global trends of reducing carbon footprints in energy production. This could improve CNOOC Limited's image as a sustainable operator and may have positive implications for investor sentiment, particularly among ESG-focused funds.
CNOOC Limited's approach to powering offshore platforms with onshore green electricity is a noteworthy endeavor in the oil and gas industry, which is under increasing pressure to adopt more sustainable practices. This initiative could serve as a benchmark for other companies in the sector, potentially leading to broader adoption of similar practices. It demonstrates the company's proactive stance in addressing environmental concerns, which could have regulatory benefits and possibly result in favorable policies from the government, considering China's ambitious goals for carbon neutrality.
Investors will likely monitor the Suizhong 36-1/Luda 5-2 Oilfield project closely, as its success could set a precedent for future secondary development projects within CNOOC Limited's portfolio and beyond. The project's scale and innovative use of green electricity might attract interest from market participants who are keen on companies with sustainable growth prospects. However, it is essential to consider the volatility of oil prices and geopolitical factors that can affect the profitability of such projects. Stakeholders should evaluate the long-term viability and the potential impact on CNOOC Limited's market position and financial performance.
The project is located in Liaodong Bay of Bohai Sea, with an average water depth of approximately 30 meters. The main production facilities include 2 new central processing platforms and 2 new wellhead platforms. 118 development wells are planned, including 81 production wells and 37 water-injection wells. The project is expected to achieve a peak production of approximately 30,300 barrels of crude oil per day in 2025.
It is the largest secondary development and adjustment project in offshore
CNOOC Limited holds
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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 information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects 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 as of this date 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 currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations.
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. Cui Liu
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6641
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn
Mr. 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
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