New Discovery in Bohai Bay Improves the Outlook for CFD Fields

abarrelfullabarrelfull wrote on 27 Aug 2014 06:39

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December 4, 2001

CNOOC Limited (NYSE "CEO", SEHK "883") announced today that its partners have scored an exploration success with the CFD 12-1S-1 wildcat well in Block 05/36 in the western Bohai Bay. The CFD 12-1S-1 well tested a combined 6,049 BOE per day of light oil and gas from 5 successful drill stem tests.

CFD 12-1S-1 is located 4.2 km south of CFD 12-1-4 well. It encountered over 200 feet of hydrocarbon bearing sandstones in the Dongying, Guantao and Lower Ming formations. The well was drilled to test the Dongying formation that is productive in the CFD 11-2 field area and the CFD 12-1-5 well.

The CFD 12-1 field was discovered by Kerr-McGee, Newfield Exploration and Sino-American Energy Corp in 2000.

Under the production sharing contract between the Company and its partners, CNOOC Limited has the option to take up to 51% participating interest in any commercial discoveries in the block. Current interest holders include Kerr-McGee (operator) with 50%, Newfield Exploration with 35% and Sino-American Energy with 15%.

Mr. Ru Ke, Executive Vice President of the company commented: "The success of this CFD 12-1S-1 further proved the reserves in the block and has the potential to improve returns of their development."

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