FPSO "Nanhai Endeavor" Launched Ahead of Schedule

abarrelfullabarrelfull wrote on 24 Dec 2013 21:09

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June 19,2001

CNOOC Limited (SEHK: 883; NYSE: CEO) (the "Company") announced today in Beijing that the key facility for the development project of Wenchang 13-1/13-2 oil fields - FPSO (floating, production, storage and offloading tanker) "Nanhai Endeavor" was successfully launched on June 18, 2001, two weeks ahead of schedule. The building of the FPSO was contracted to Dalian New Shipyard.

"Nanhai Endeavor" is a permanent single turret moored FPSO designed for typhoon populated area, the first of its type around the world. With a capacity of 150 thousand dead weight tons, it is a key facility for the development of Wenchang oil field.

Wenchang 13-1/13-2 oil fields are located in Yangjiang 31 and 32 blocks of Western South China Sea, 136 kilometers east of Hainan Island. CNOOC Limited holds 60% working interest, 60.6 million barrels of oil reserve in the blocks. Husky Oil holds the remaining 40%. The Company is the operator of the fields. The development project commenced on June of 2000 and is expected to be on stream in the first half of 2002. The project is progressing on schedule.

"The commissioning of ′Nanhai Endeavor′ yesterday marks yet another step to increasing domestic manufacturing capability of complex offshore E&P facilities. We welcome such progress since it indicates further capex reduction and containment," commented Mr. Fu Chengyu, COO of the Company.

"Nanhai Endeavor" is the second FPSO contracted to the same shipyard by the Company. FPSO "Bohai Century" with storage capacity of 150 thousand dead weight tons was deployed on February 27, 2001 as planned. It is a key component of Qinhuangdao 32-6 oil field.

Qinhuangdao 32-6 oil field lies in the middle of Bohai Bay. The Company is the operator of the field and has a 51% participating interest. BP and Texaco hold the remaining 49% interest. As of December 31, 2000, the Company owns 103.7 million barrels of oil reserves of the field. Qinhuangdao is expected to produce first oil at the end of 2001. The project goes on wheels now.

"The successful launching of ′Nanhai Endeavor′ yesterday and of ′Bohai Century′ earlier met key development milestones of two very important development projects for the Company." Said Mr. Zhou Shouwei, the Executive Vice President of development & production, "Even though we have a full development plate, we continue to see projects progressing according to plan."

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