CNOOC Ltd. Announces the Startup of Two Fields

abarrelfullabarrelfull wrote on 28 Aug 2014 09:40

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March 29, 2010

CNOOC Limited (“the Company" or “CNOOC Ltd,” NYSE: CEO, SEHK: 883) is pleased to announce today that two of its independent oil fields, WeiZhou11-1 east (WZ11-1E) in the Western South China Sea and BoZhong (BZ) 3-2 in the Bohai Bay, have commenced production successfully recently.

WZ11-1E oil field is located in the BeiBu Gulf Basin in a water depth of about 40 meters. The development and production operation of this field will mainly rely on the facilities of the adjacent field WZ 11-1. WZ 11-1E, with 3 wells on line currently, is expected to hit its peak production of more than 3,000 barrels per day within the year.

BZ 3-2, with an averaged water depth of 25 meters, is located in the central part of Bohai Bay and about 20 kilometers southeast of producing field Qinhuangdao 32-6. A self-elevating producing platform is utilized for the development of the field to reduce cost. BZ 3-2 is producing via 7 wells now and is projected to peak its daily production at 4,800 barrels within 2010.

Mr. Chen Bi, Executive Vice President of the Company, said, “We have accumulated a set of effective technologies for marginal fields based on rolling development and regional development during our offshore operations. The application of these technologies has contributed greatly to the successful development of WZ 11-1E and BZ 3-2. ”

WZ 11-1E and BZ 3-2 are all independent oil fields. CNOOC Ltd holds 100% interest and acts as the operator in both fields.

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