CNOOC announce mid-sized offshore oil discovery Liuhua 20-2 in Eastern South China Sea

Source:CNOOC Limited

CNOOC announce mid-sized offshore oil discovery Liuhua 20-2 in Eastern South China Sea

CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced that the Company made a mid-sized discovery Liuhua 20-2 in the Eastern South China Sea.

The Liuhua 20-2 structure is located in Northern Slope Belt of Baiyun Sag in the Pearl River Mouth Basin of the South China Sea with an average water depth of about 390 meters. The discovery well LH20-2-1 was drilled and completed at a depth of about 2,970 meters and encountered oil pay zones with a total thickness of 35.2 meters. The oil production of the well tested around 8,000 barrels per day and the crude oil density is approximately 0.75.

The successful exploration of Liuhua 20-2 has further proved the huge exploration potential of Baiyun Sag in the Pearl River Mouth Basin, and Baiyun Sag is expected to become the new reserves growth area of deepwater exploration of crude oil in South China Sea.

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