CNOOC Get New Production Through Oilfield PY 4-2/5-1

abarrelfullabarrelfull wrote on 27 Aug 2014 07:51

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October 8, 2003

CNOOC Limited (the "Company", NYSE: CEO, SEHK: 883) announced today that the partners have started commercial production from oilfield PY 4-2/5-1 in the Eastern South China Sea. The field has a peak production capacity of 60,000 barrels of oil per day and is expected to ramp up to that level the third quarter of 2004.

PY 4-2/5-1 is located in Block 15/34 of the Pearl River Mouth Basin, approximately 200 kilometers south of Hong Kong in about 100 meters of water. The field development included two platforms and a Floating Production, Storage and Offloading vessel (FPSO).

Mr. Zhou Shouwei, President of the Company said, " I am delighted to see the successful start-up of these fields on time. The successful partnership and other development activities continue to add fuels in CNOOC‘s growth engine."

The Company has a 51 percent working interests in the field. The other two partners Devon Energy China, Ltd. (acts as the operator) and Burlington Resources China Limited share the remaining 49 percent working interests equally.

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