The First Ultra-deep Well in Bohai Bay Outperforms Target

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Jul 11, 2024, 06:16 ET

HONG KONG, July 11, 2024 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces today that the Bozhong 19-6 Condensate Gas Field D1 Well, the first ultra-deep well in Bohai Bay, achieved high yield.

Bozhong 19-6 Condensate Gas Field is located in central Bohai Bay, with an average water depth of about 20 meters. It contains proven oil and gas in place of more than 200 billion cubic meters of natural gas and more than 200 million cubic meters of oil. It is the first gas field of such a size in the deep buried hill play offshore China. The Company adopts an "overall planning, phased implementation and pilot first" strategy to develop this field. In 2020, 2023 and 2024, the Company has gradually brought on-stream Bozhong 19-6 Condensate Gas Field Pilot Area Development Project, Phase I Development Project and 13-2 Block 5 Well Site Development Project. The gas field is currently producing approximately 37,500 barrels of oil equivalent per day.

The Bozhong 19-6 Condensate Gas Field D1 Well was drilled to a depth of 6,088 meters. It is the first ultra-deep well of the Company in Bohai Bay, which is producing approximately 6,300 barrels of oil equivalent per day.

Mr. Sun Fujie, Vice President of the Company, said, "The high yield well further confirms the promising potential of offshore deep buried hill plays. The exploration and development of oil and gas resources in the deep plays is expected to accelerate. With the new production, the Company is continuously bolstering its ability to supply clean energy to the Bohai Economic Rim".

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Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

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This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

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For further enquiries, please contact:

Ms. Cui Liu
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6641
Fax: +86-10-8452-1441
E-mail: [email protected]

Mr. Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: [email protected]

SOURCE CNOOC Limited