CNOOC’s South China Fields Produce First Oil

China’s CNOOC Limited today announced that two new oil fields, Weizhou 11-2 and Weizhou 6-9/6-10, successfully commenced production.

Weizhou 11-2 oil field, located in Beibu Gulf in the South China Sea with an average water depth of about 35.4 meters, currently has 4 producing wells. This oilfield was designed to share the existing facilities of Weizhou oil fields group in production to achieve the low-cost oil field development and hit its peak production of approximately 3,960 barrels per day in 2012.

Weizhou 6-9/6-10 oil field is located in Beibu Gulf in the South China Sea with an average water depth of about 32.5 meters. The development and production operations of this oil field primarily rely on the facilities of its surrounding oil fields. Currently with 9 producing wells, Weizhou 6-9/6-10 is expected to hit its peak production of approximately 5,870 barrels per day in 2013.

Weizhou 11-2 and Weizhou 6-9/6-10 are both independent oil fields. The Company holds 100% interest and acts as the Operator of these two oil fields.

[mappress]
Press Release, October 18, 2012