CNOOC Limited Announces Lufeng Oil Fields Regional Development Project Commences Production

CNOOC Limited (the “Company”, SEHK: 00883, TSX: CNU) yesterday announced the commencement of production of Lufeng oil fields regional development project.

The Lufeng oil fields is located in Eastern South China Sea and mainly include Lufeng 14-4 oil field, Lufeng 14-8 oil field, Lufeng 15-1 oil field and Lufeng 22-1 oil field, with an average water depth of about 140-330 meters. The main production facilities include 2 drilling production platforms and 1 subsea production system. 35 development wells are planned to be put into production, including 26 production wells and 9 water injection wells. The project is expected to achieve its peak production of approximately 46,000 barrels of crude oil per day in 2023.

CNOOC Limited owns 100% interest in the Lufeng oil fields regional development project.

Mr.Xia Qinglong, president of the Company, commented, “The project adopts an integrated model of exploration, development and production, which maximized the asset value of oil fields region, meanwhile the safe commencement of production also safeguarded energy supply throughout the Greater Bay Area.”
Source: CNOOC Limited