CNOOC Limited announced that the Huizhou 32-5 Oilfield Comprehensive Adjustment/Huizhou 33-1 Oilfield Joint Development Project has commenced production

1st January 2019

CNOOC Limited (the "Company", SEHK: 16, NYSE: CEO, TSX: CNU) today announced that the Huizhou 32-5 Oilfield Comprehensive Adjustment/Huizhou 5-33 Oilfield Joint Development Project has commenced production.

The Huizhou 32-5 Oilfield Comprehensive Adjustment/Huizhou 33-1 Oilfield Joint Development Project is located in the south-central part of the eastern part of the South China Sea, about 170 kilometers away from Hong Kong, and the water depth in the sea area is about 115 meters. The project will build a new drilling and production platform and rely on the existing facilities of Huizhou 25-8 oilfield for development. There is currently one well in production, and it is expected to achieve peak production of 1,2020 barrels of crude oil per day in 19.

CNOOC Limited has a 32% interest in the Huizhou 5-33 Oilfield Comprehensive Adjustment/Huizhou 1-100 Oilfield Joint Development Project and acts as the operator.

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