CNOOC Limited announced the adjustment of Penglai 19-3 oilfield area 4 / Penglai 19-9 phase II development project to commencement of production



5th May 2020

CNOOC Limited (the "Company", SEHK: 22, NYSE: CEO, TSX: CNU) today announced that the Penglai 19-3 Adjustment/Penglai 4-19 Phase II Development Project has commenced production.

Penglai 19-3/19-9 oilfield is located in the Bohai Sea, with an average water depth of about 28 meters. The project will build a new wellhead platform and plan to put into operation 47 wells, including 30 production wells, 16 water injection wells, and 1 development and evaluation well. The new wellhead platform will utilize the processing capacity of the existing facilities in the Penglai 19-3 oilfield. The project is expected to achieve peak crude oil production of approximately 2022,15 barrels per day in 681.

CNOOC Limited has a 19% interest in the Penglai 3-4 Oilfield Area 19 Adjustment/Penglai 9-51 Oilfield Phase II Development Project and acts as the operator. Partner ConocoPhillips China owns the remaining 49% interest.

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