China: CNOOC Ltd Announces Commencement of Oil Production from BZ 29-4

CNOOC Limited  announced today that BZ 29-4, an independent oil field in the Bohai Bay, has commenced production successfully.

BZ 29-4 oil field, with an averaged water depth of about 22 meters, is located in the south part of Bohai Bay. The field’s development and production operation will mainly rely on the facilities of the producing field BZ 28-2S. BZ 29-4 is projected to peak its daily production at 7,800 barrels within 2010.

Mr. Chen Bi, Executive Vice President of the Company, said, “The start-up of BZ 29-4 gives us more confidence in meeting our annual production target. We will continue to enhance our operation performance and ensure more projects to be brought on stream within this year.”

BZ 29-4 is an independent oil field. CNOOC Ltd holds 100% interest and acts as the Operator.

[mappress]

Source: CNOOC,July 23, 2010