CNOOC Limited announces the start of production of China’s first independent large-scale independent deep-water gas field, Lingshui 17-2

HONG KONG, June 25, 2021 / PRNewswire / – CNOOC Limited (the “Company”, SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that the from China The first independent large-scale deep-water offshore gas field, the Lingshui 17-2 gas field has started production.

CNOOC Logo (PRNewsfoto / 中國 海洋 石油 有限公司)

The Lingshui 17-2 gas field is located in the North Sea of ​​the Qiongdongnan Basin, with a water depth of approximately 1,560 meters. This was the first large-scale discovery in deep water, with proven geological resources of natural gas exceeding 100 billion cubic meters, made by independent exploration, proving the great potential of the deep water area of ​​the Sea of Southern China.

A new semi-submersible production platform was built, with condensate oil storage capacity, mooring system, as well as a set of subsea production system and subsea pipeline. A total of 11 production wells are planned. It is expected to peak production of 328 million cubic feet of natural gas and 6,751 barrels of condensate per day in 2022, with a stable production period of 10 years. After the start of production, natural gas will be connected to the national gas pipeline network through submarine pipelines and will become one of the important sources of stable supply of natural gas for GuangdongHong KongHainan area.

CNOOC Limited owns 100% of the interests of the Lingshui 17-2 gas field and acts as operator.

Mr. Wang Dongjin, chairman of the company, said, “The start of production from the Lingshui 17-2 gas field indicates that the company has surged towards the 1,500-meter ultra-deep water field, further freeing the the company’s natural gas potential. In the future, CNOOC Limited will continue to improve its exploration and development activities, strive to expand its reserves and production, increase the proportion of green, low-carbon and clean energy , and therefore to support the objective of a peak carbon emission and carbon neutrality. made at an early date. “

Notes to Editors:

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

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This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, a business prospectus or financial results. The words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “in progress”, “may”, “will”, “plan”, “should”, “believe”, ” plan, “” intentions “and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyzes made by the Company 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 deems appropriate in the light of circumstances. However, the question of whether actual results and developments will meet the Company’s expectations and forecasts depends on a number of risks and uncertainties which could cause actual results, performance and financial position to differ materially. Company expectations, including, but not limited to, those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in tax and tax regimes in host countries in which we operate, the highly competitive nature of the petroleum and natural gas industry, exploration and development activities, mergers, acquisitions and divestitures activities, environmental responsibility and compliance requirements, operations to abroad and cyber attacks. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the annual report on Form 20-F filed. in April of the last fiscal year.

Accordingly, all forward-looking statements contained in this press release are qualified by these cautionary statements. The Company cannot guarantee that the anticipated results or developments will materialize or, even if they materialize substantially, that they will have the expected effect on the Company, its business or its operations.
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For more information, please contact:

M / s. Jing liu
Manager, Media and Public Relations
CNOOC Limited
Phone. : + 86-10-8452-3404
Fax: + 86-10-8452-1441
Email: [email protected]

Rabbit Lee
Porda Havas International Financial Communication Group
Phone. : +852 3150 6707
Fax: +852 3150 6728
Email: [email protected]

SOURCE CNOOC Limited


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