HONG KONG, April 25, 2016 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that
the Panyu 11-5 oilfield has commenced production.
The Panyu 11-5 oilfield is located in the Pearl River Mouth
Basin of the South China Sea with an average water depth of
approximately 110 meters. In addition to fully utilizing the
existing facilities of Panyu 5-1 oilfield, the Panyu 11-5 oilfield
also drilled 3 horizontal wells. There is currently 1 well on
production, producing a total of approximately 3,270 barrels of
crude oil per day. The oilfield is expected to reach its ODP
designed peak production of approximately 3,900 barrels of crude
oil per day in 2016.
The Panyu 11-5 is an independent oilfield 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 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. 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. Samantha Wang
Hill+Knowlton Strategies Asia
Tel: +852-2894-6266
Fax: +852-2576-1990
E-mail: samantha.wang@hkstrategies.com
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SOURCE CNOOC Limited