CNOOC Limited Brings On-stream Two New Projects

HONG KONG, March 17, 2025 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces that Caofeidian 6-4 Oilfield Comprehensive Adjustment Project and Wenchang 19-1 Oilfield Phase II Project have commenced production.

Caofeidian 6-4 Oilfield Comprehensive Adjustment Project is located in the western part of the Bohai Sea, with an average water depth of approximately 20 meters. The main production facility is a new production wellhead platform, which leverages the adjacent existing facilities for development. 25 development wells are planned to be put into production, including 22 production wells and 3 water injection wells. The project is expected to achieve a peak production of approximately 11,000 barrels of oil equivalent per day in 2026. The oil property is light crude.

Wenchang 19-1 Oilfield Phase II Project is located in the western part of the Pearl River Mouth Basin, with an average water depth of approximately 125 meters. The main production facility is a new drilling and production platform, which also leverages the adjacent existing facilities for development. 13 development wells are planned to be put into production. The project is expected to achieve a peak production of approximately 12,000 barrels of oil equivalent per day in 2027. The oil property is medium crude.

CNOOC Limited is committed to building intelligent offshore oil and gas fields and developing oil and gas resources in a green and low-carbon manner, so that it could provide the society with clean, reliable, and stable energy supplies. The design concept of intelligent oil and gas fields were used in the two new projects. Some of the procedures, such as crude oil production, equipment maintenance, and safety management, were upgraded with intelligent technologies, to enhance the efficiency of hydrocarbon development. The associated gas of Caofeidian 6-4 Oilfield Comprehensive Adjustment Project is reinjected back into the reservoir with gas injection compressors, which will reduce carbon dioxide emissions by approximately 13,000 tons per year. Meanwhile, Wenchang 19-1 Oilfield Phase II Project utilizes a megawatt-level high-temperature flue gas ORC power generation unit, which is expected to generate up to 24 million kilowatt-hours of electricity and thus reduces carbon dioxide emissions by approximately 23,000 tons per year.

CNOOC Limited holds 100% interest in both Caofeidian 6-4 Oilfield Comprehensive Adjustment Project and Wenchang 19-1 Oilfield Phase II Project, and is 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 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: [email protected] 

Mr. Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: [email protected]