CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that it has achieved a major breakthrough in the exploration of metamorphic buried hills in the deep plays in the South China Sea for the first time.

The Weizhou 10-5 South Oil and Gas Field is located in the Beibu Gulf of the South China Sea, with an average water depth of 37 meters. Exploration well WZ10-5S-2d encountered an oil and gas pay zone of 211 meters, with a total drilled depth of 3,362 meters. The test results indicate that the well produces 165,000 cubic feet of natural gas and 400 barrels of crude oil per day. It marks a major exploration breakthrough in the metamorphic sandstone and slate buried hills offshore China.

Mr. Xu Changgui, the Chief Geologist of the Company, said, “In recent years, CNOOC Limited has consistently intensified theoretical innovation and tackled key technology challenges in buried hills and deep plays exploration. Breakthroughs have been achieved in the exploration of Paleozoic granite and Proterozoic metamorphic sandstone and slate buried hills within the Beibu Gulf Basin. They demonstrate the vast exploration potential in buried hills formations, drive the secondary exploration process in mature areas, and mark the commencement of large-scale exploration of buried hills in the Beibu Gulf Basin.”

Mr. Zhou Xinhuai, the Chief Executive Officer of the Company, said, “This represents the first major breakthrough in metamorphic sandstone and slate buried hills exploration offshore China, setting important example for advancing deep plays and buried hills oil and gas exploration. In the future, CNOOC Limited will continue to intensify research on key theories and technologies for deep play exploration, to enhance research and development capabilities, advance reserves and production growth, and to ensure stable supply of oil and gas.

About CNOOC

CNOOC Limited (SEHK: 00883, SSE: 600938) is a listed company on the Shanghai Stock Exchange and the Hong Kong Stock Exchange with stock codes of 600938 and 00883, respectively.
The Company is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. The Company mainly engages in exploration, development, production and sale of crude oil and natural gas.