HONG KONG, Dec. 20, 2019 /PRNewswire/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that
Liza field offshore Guyana has
safely commenced production ahead of schedule.
Liza Phase 1 development project is located in the Stabroek
block offshore Guyana and has one
FPSO and 17 subsea wells. It is expected to reach its peak
production of approximately 120,000 barrels of crude oil per day in
the coming months.
"We are very pleased with the commencement of production ahead
of schedule," said Xu Keqiang,
Chief Executive Officer and President of CNOOC Limited. "The
Stabroek block continues to achieve unparalleled success, which
will be a key driver of our production growth."
The current discovered recoverable resources of Stabroek Block
are estimated to be more than 6 billion barrels of oil equivalent.
At least five FPSOs are expected to be producing more than 750,000
barrels of oil per day from the Stabroek Block by 2025.
CNOOC Petroleum Guyana Limited, a wholly owned subsidiary of
CNOOC Limited, holds 25% interest. Esso Exploration and Production
Guyana Limited is the operator and holds a 45% interest (operator),
and Hess Guyana Exploration Ltd. holds 30% interest.
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,
macro-political and economic factors, changes in the tax and fiscal
regimes of the host countries in which we operate, the highly
competitive nature of the oil and natural gas industry, the
exploration and development activities, mergers, acquisitions and
divestments activities, environmental responsibility and compliance
requirements, foreign operations and cyber system attacks.
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. Ada Leung
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
E-mail: CNOOC@hkstrategies.com
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SOURCE CNOOC Limited