CNOOC Limited Announces the First "Deep-Deep" Large Gas Field Baodao 21-1 with Proved Gas In-place of over 50 Billion Cubic Meters

Rhea-AI Summary

CNOOC Limited announced on October 19, 2022, that the Baodao 21-1 Gas Field's proved gas in-place has successfully passed governmental review. This gas field, located in the South China Sea, holds over 50 billion cubic meters of natural gas and 3 million cubic meters of condensate oil. The discovery well, Baodao 21-1-1, produced an average of 587,000 cubic meters of natural gas per day from a pay zone of 113 meters. This highlights significant exploration potential for CNOOC, establishing a foundation for future gas production.

Positive

• Proved gas in-place over 50 billion cubic meters and condensate oil at 3 million cubic meters.
• Baodao 21-1 gas structure recognized as the first deep-water deep-stratum large gas field in the South China Sea.
• Discovery well Baodao 21-1-1 achieved an average production of 587,000 cubic meters of gas per day.

Negative

• None.

HONG KONG, Oct. 19, 2022 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, SSE: 600938) announced today that the proved gas in-place of Baodao 21-1 Gas Field has successfully passed the Chinese governmental review and filing.

Baodao 21-1 gas field is located in Baodao Sag, Qiongdongnan Basin, Western South China Sea. The water depth ranges from 660 to 1,570 meters. The main gas-bearing layer is the Paleogene Lingshui formation and the discovery is condensate gas reservoirs. The discovery well Baodao 21-1-1 completed at hole depth of 5,188 meters, encountering 113 meters of pay zone. The well is tested to produce an average of 587,000 cubic metres of natural gas per day. Chinese governmental bodies reviewed the discovery and certified the proven in-place of natural gas and condensate oil at over 50 billion cubic metres and 3 million cubic metres respectively.

Baodao 21-1 gas-bearing structure will host the first deep-water deep-stratum large gas field in the South China Sea, realising the biggest discovery in more than half a century in Songnan-Baodao Sag. It will lay a solid foundation for the construction of a gas production base of trillion cubic meters resources in the South China Sea. The review and filing once again confirmed the exploration potential of this structure.

Mr. Zhou Xinhuai, the Chief Executive Officer of the Company said, "Exploration has always been a priority for CNOOC Limited. We have accelerated the pace to explore in deep waters, targeting the discovery of large and medium-sized oil and gas fields. We emphasised geological theory and technological researches, to make breakthroughs and to bolster our efforts in reserves and production growth."

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

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 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.

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. Ariel Wang

Media & Public Relations

CNOOC Limited

Tel: +86-10-8452-6832

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

What recent discovery did CNOOC Limited announce regarding the Baodao 21-1 gas field?

CNOOC announced that the Baodao 21-1 gas field has over 50 billion cubic meters of proved gas in-place, confirmed by governmental review.

How much natural gas is produced daily from the Baodao 21-1 discovery well?

The Baodao 21-1 discovery well produces an average of 587,000 cubic meters of natural gas per day.

When did CNOOC Limited announce the successful review of the Baodao 21-1 gas field?

CNOOC Limited announced the successful review on October 19, 2022.

What is the significance of the Baodao 21-1 gas field discovery for CNOOC Limited?

The Baodao 21-1 gas field is significant as it establishes the first deep-water large gas field in the South China Sea and confirms exploration potential.