HONG KONG, Feb. 1, 2016 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that
the Weizhou 12-2 oilfield
joint development project (Weizhou 12-2) and Weizhou 11-4
North oilfield Phase II project (Weizhou 11-4 North) have recently
commenced production.
The Weizhou 12-2 project is located in Beibu Gulf Basin of
the South China Sea with an average water depth of approximately 36
meters. This project has three oilfields in total
including the Weizhou 12-2 oilfield, the
Weizhou 12-1 West oilfield and the north part of
Weizhou 11-2 oilfield. The main production facilities
include three wellhead platforms and 18 producing wells which have
all commenced production, producing a total of approximately 16,000
barrels of crude oil per day and reaching its ODP designed peak
production.
Weizhou 11-4 North project is located in Beibu Gulf Basin
of the South China Sea with an average water depth of approximately
40 meters. The project shares the existing adjacent facilities for
the development and built two wellhead platforms and 15 producing
wells. There is currently one well on production, producing a total
of approximately 500 barrels of crude oil per day. The project is
expected to reach its ODP designed peak production of approximately
8,000 barrels per day within the year.
The Weizhou 12-2 and Weizhou 11-4 North are both independent
oilfields in which the Company holds 100% interest and acts as the
operator.
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 2014 Annual Report on Form 20-F filed on
22 April 2015.
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. Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-6642
Fax: +86-10-8452-1441
E-mail: MR@cnooc.com.cn
Ms. Cathy Zhang
Hill+Knowlton Strategies Asia
Tel: +852-2894-6211
Fax: +852-2576-1990
E-mail: cathy.zhang@hkstrategies.com
Logo -
http://photos.prnasia.com/prnh/20150819/8521505396LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/two-new-projects-commence-production-300212689.html
SOURCE CNOOC Limited