CNOOC Limited Announces Two New Exploration Discoveries

abarrelfullabarrelfull wrote on 20 Aug 2012 13:54
Tags: asia china cnooc upstream

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CNOOC Limited (the “Company”, NYSE: CEO, SEHK: 00883) announced today that the Company made two new exploration discoveries in Luda 6-2 and Lufeng 15-1.

Luda 6-2 is located in the Liaodong Bay in Bohai with an average water depth of about 31 meters. The Company has successfully drilled Luda 6-2-4 and Luda 6-2-5 this year and encountered 40 and 147.6 meter thick of oil pay zones respectively. The average daily production was tested to be around 850 barrels.

In addition, Lufeng 15-1 is located in the Pearl River Mouth Basin with an average water depth of 283 meters. Lufeng 15-1-2 drilled in 2012, encountered 26.8 meter thick of oil pay zones and was tested with a daily production of around 800 barrels.

Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, “I am very delighted that the Company made the new discovery in the new formation of Luda 6-2 structure in offshore China. Moreover, the successful drilling of Lufeng 15-1strongly promoted the oil and gas exploration activities in the area of this structure as well as opened up a new chapter of the independent exploration in the Pearl River Mouth Basin.”

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