HONG KONG, Sept. 18, 2018 /PRNewswire/ -- CNOOC Limited
(the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today
the Penglai 19-3 oilfield 1/3/8/9 comprehensive adjustment project
has commenced production.
Penglai 19-3 oilfield 1/3/8/9 comprehensive adjustment project
is located in south central Bohai Sea, 216 kilometers northwest
from Tanggu and 80 kilometers southeast from Penglai city. The
average water depth of the oilfield is 27 to 33 meters. The project
is fully utilizing the existing facilities in Penglai 19-3
oilfield. Major production facilities include two wellhead
platforms and a central processing platform. There are two wells
currently producing. The project is expected to reach its peak
production of approximately 58,700 barrels of crude oil per day in
2020.
The Company holds 51 percent interest in Penglai 19-3 oilfield
and acts as the operator. ConocoPhillips holds the remaining 49
percent interest.
Mr. Yuan Guangyu, CEO of CNOOC Limited, commented: "Successful
production commencement of Penglai 19-3 oilfield 1/3/8/9
comprehensive adjustment project will strongly support Bohai to
stabilize its production at 30 million tons for another 10 years.
We will put quality first and give priority to performance,
so as to promote the Company's high-quality development while
ensuring the HSE standard."
Notes to Editors:
More information about the Company is available at
http://www.cnoocltd.com.
This press release includes "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995, including statements regarding expected future
events, business prospectus or financial results. The words
"expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify such
forward-looking statements. These statements are based on
assumptions and analyses made by the Company in light of its
experience and its perception of historical trends, current
conditions and expected future developments, as well as other
factors the Company believes are appropriate under the
circumstances. However, whether actual results and developments
will meet the expectations and predictions of the Company depends
on a number of risks and uncertainties which could cause the actual
results, performance and financial condition to differ materially
from the Company's expectations, including but not limited to those
associated with fluctuations in crude oil and natural gas prices,
the exploration or development activities, the capital expenditure
requirements, the business strategy, whether the transactions
entered into by the Group can complete on schedule pursuant to
their terms and timetable or at all, the highly competitive nature
of the oil and natural gas industries, the foreign operations,
environmental liabilities and compliance requirements, and economic
and political conditions in the People's
Republic of China. For a description of these and other
risks and uncertainties, please see the documents the Company files
from time to time with the United States Securities and Exchange
Commission, including the Annual Report on Form 20-F filed in April
of the latest fiscal year.
Consequently, all of the forward-looking statements made in this
press release are qualified by these cautionary statements. The
Company cannot assure that the results or developments anticipated
will be realised or, even if substantially realised, that they will
have the expected effect on the Company, its business or
operations.
For further enquiries, please contact:
Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax:+852-2576 1990
E-mail: cnooc@hkstrategies.com
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SOURCE CNOOC Limited