CNOOC Ltd. Starts Oil Production In LD 4-2 Ahead of Schedule

abarrelfullabarrelfull wrote on 27 Aug 2014 11:48

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May 12, 2005

CNOOC Limited (the "Company" or "CNOOC Ltd."; NYSE "CEO", SEHK "883") announced today that Luda (LD) 4-2, a new field in Bohai Bay, has came on stream ahead of schedule. The field is producing at a volume of 5600 barrels of oil per day from 7 wells.

LD 4-2, together with LD10-1, LD 5-2, is located in central Liaodong Bay of Bohai Bay in about 100 feet of water. They are adjacent to the producing field Suizhong 36-1. The development of LD 4-2 consists of 1 wellhead platform, a subsea pipeline and two cables.

The peak gross production capacity is designed at 5,000 barrels of oil per day in 2006.

Mr. Yang hua, CFO and Senior Vice President of the Company commented, "LD4-2‘s development and operation plan has been optimized together with other LD fields, making it more attractive commercially. This is the second successful early startup this year, and more projects will be on stream later."

CNOOC Ltd is the operator and owns 100 percent interest.

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