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CNOOC Limited Introduces Panyu 11-12 Oilfield / Panyu 10-1 Oilfield / Panyu 10-2 Oilfield Adjustment Joint Development Project by Investing.com

HONG KONG, January 1, 2025 /PRNewswire/ — CNOOC (NYSE:) Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE (LON:): 600938) announces today that Panyu 11-12 Oil Field/Panyu 10-1 Oil Field/Panyu 10-2 Project of joint development of adaptation of oil fields has started production.

The project is located in the east South China Seawith an average water depth of about 100 meters. Major production facilities include a new wellhead platform and an unmanned wellhead platform. The commissioning of 15 development wells is planned. The project is expected to reach peak production of approximately 13,600 barrels of oil equivalent per day in 2025. The oil is medium and heavy crude.

The new unmanned wellhead platform in the project is equipped with “Typhoon Production Mode” and intelligent heavy oil processing system, which can effectively improve production safety and work efficiency. In addition, the new wellhead platform is connected to the existing Panyu 10-2 platform via a pedestal bridge, so that the oilfields can share facilities and equipment, reducing development costs.

The Panyu oil field has produced more than 380 million barrels since production began in 2003. An intelligent cluster of oil fields with digital, intelligent and unmanned operation has already been established.

CNOOC Limited has 100% stake in this project and is the operator.

“The End”

Notes for editors:

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

This press release includes forward-looking information, including statements about probable 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”, “goal”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plan”, “intends” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyzes 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, it is uncertain whether actual results and developments will meet the Company’s current expectations and projections. Actual results, performance and financial condition may differ materially from the Company’s expectations, including but not limited to those related to macro-political and economic factors, crude oil and price fluctuations, the highly competitive nature of the oil and natural gas industry, changing climate and environmental policies , forecasting the Company’s prices, activities of mergers, takeovers and sales, HSSE and insurance policies and changes in the fight against corruption,fraudlaws and regulations against money laundering and corporate governance.

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

For additional questions, please contact:
mrs. Cui LiuMedia and public relations
CNOOC Limited
Phone: +86-10-8452-6641
Fax: +86-10-8452-1441
Email: mr@cnooc.com.cn

Mr. Bunny LeePorda Havas International Finance Communications Group
Phone: +852 3150 6707
Fax: +852 3150 6728
Email: cnooc.hk@pordahavas.com





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