CNOOC’s Panyu project begins production in South China Sea

Offshore staff

HONG KONGCNOOC Ltd. (NYSE: CEO) reports that its Panyu 34-1/35-1/35-2 project has begun production.

The Panyu 34-1/35-1/35-2 project is in the Pearl River Mouth basin of the South China Sea, with water depths ranging 195-338 m (640-1,109 ft). It consists of three gas fields: Panyu 34-1, Panyu 35-1, and Panyu 35-2. The main production facilities include one platform, two sets of underwater production systems, and 13 producing wells. There are currently two wells producing 21 MMcf/d (594,654 cm/d) of natural gas.

The project is expected to reach its designed peak production of 150 MMcf/d (4.2 MMcm/d) in 2015.

Panyu 34-1/35-1/35-2 is an independent project in which the company holds 100% interest.

12/04/2014

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