CNOOC commences production on two projects

Offshore staff

HONG KONG – CNOOC Ltd. reports that production has commenced on the Panyu 4-2/5-1 oil field adjustment project and the Liuhua 4-1 oil field, located in the Pearl River Mouth basin of South China Sea.

 The Panyu 4-2/5-1 oil field has an average water depth of about 100 m (328 ft). The adjustment project was designed to share the existing facilities in order to develop the Panyu 4-2/5-1 oil field more effectively. The adjustment project was expected to reach peak production in 2014.

CNOOC holds 75.5% interest and serves as operator of the Panyu 4-2/5-1 oil field. Its partner Burlington Resources China holds the remaining 24.5% interest.

The Liuhua 4-1 oil field has an average water depth of about 268 m (879 ft). In view of the features of the field, CNOOC built a new subsea production system that also makes use of surrounding facilities for field development. This project is expected to hit peak production in 2013.

Liuhua 4-1 is an independent oil field in which the CNOOC holds 100% interest and acts as the operator.

12/31/2012

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