CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that Chinese governmental authorities have approved the proved gas in-place of Lingshui 36-1 gas field, which stands at over 100 billion cubic meters. It is the first large-size ultra-shallow gas field in ultra-deep water in the world, which opens up a new area of exploration in deep waters.

Lingshui 36-1 gas field is located in the southern portion of the Central Sag, Qiongdongnan Basin. The average water depth of the gas field is approximately 1,500 meters, and the burial depth is 210 meters, making it a typical ultra-deep-water ultra-shallow gas field. The field has been tested to produce over 10 million cubic meters per day of absolute open flow natural gas.

The Company has been searching for oil and gas resources in the South China Sea for decades. Multiple large-size gas fields have been discovered in Yinggehai, Qiongdongnan and Pearl River Mouth basins, namely Dongfang 1-1, Liwan 3-1, Lingshui 17-2, Baodao 21-1 and now, Lingshui 36-1. By far, the total proved gas in-place in the region has exceeded one trillion cubic meters. The South China Sea trillion-cubic-meters gas region has thus become reality.

Mr. Xu Changgui, Chief Geologist of the Company, said, “Ultra-shallow gas reservoirs are important sources of hydrocarbon in deep waters. However, you must overcome world-class challenges to explore and develop the reservoirs. CNOOC Limited has adopted new exploration concepts on the formation mechanism and new technological approaches to tackle the challenges. The successful discovery of Lingshui 36-1 has opened up the new area of exploration for gas resources in ultra-deep-water ultra-shallow plays.”

Mr. Zhou Xinhuai, CEO and President of the Company, said, “The newly discovered ultra-deep-water ultra-shallow gas field is an important composition of the trillion-cubic-meters gas region in the South China Sea. The completion of the trillion-cubic-meters gas region embodies the enormous achievements CNOOC Limited has accomplished in the South China Sea in the past 40 years. We have now embarked on a new journey to further expand the resource base of the Company. CNOOC Limited is committed to supplying the society with stable clean energy and contributing to the low-carbon development of the economy.”

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.