Penglai 19-9 comprehensive adjustment project commences production

CNOOC Limited (the “Company”, SEHK: 00883, NYSE: CEO, TSX: CNU) announced that the Penglai 19-9 comprehensive adjustment project has commenced production.

The Penglai 19-9 oilfield is located in Bohai which has an average water depth of approximately 30 meters. In addition to fully utilizing the existing facilities of Penglai 19-3 oilfield, this adjustment project has also built one wellhead platform. There are 57 planned producing wells in total with two wells currently producing approximately 750 barrels of crude oil per day. The adjustment project is expected to reach its Overall Development Program designed peak production of approximately 13,000 barrels of crude oil per day in 2019.

CNOOC Limited has 51% working interest in Penglai 19-9 oilfield and acts as the operator, while its partner, ConocoPhillips China holds the remaining 49% working interest.