Commercial Production Started From LD 5-2 in Bohai Bay

abarrelfullabarrelfull wrote on 27 Aug 2014 11:26

Nov 21, 2005

CNOOC Limited (the "Company" or “CNOOC Ltd.”; NYSE “CEO”, SEHK “883”) is pleased to announce today that Luda (LD) 5-2, a new field located in Bohai Bay, has started commercial production. The field is producing at a volume of more than 2200 barrels of oil per day from 4 wells.

LD 5-2, with a water depth of about 30 meters, is located in the Liaodong Bay of Bohai Bay. It is adjacent to the producing field Suizhong 36-1.

The peak gross production capacity is designed at 9,600 barrels of oil per day with 22 producing wells on line.

As to date, LD fields, consisting of three fields, LD 4-2, LD10-1, LD5-2 have come on stream successfully. Thanks to the joint development and sharing with Suizhong 36-1 of its producing facilities, the fields will deliver better economic returns.

Mr. Liu Jian, Executive Vice President of the Company commented, “CNOOC limited discovered and developed the three LD fields independently. It takes only three years to bring them on line. This is another evidence of the Company’s capability to optimize the economic margin via quick development and sharing of existing facilities.”

The Company holds 100% interest of the field and acts as the operator.

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