CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced that the Golden Eagle Area Development (GEAD) in the UK North Sea commenced production.
The GEAD includes development of the Golden Eagle, Peregrine and Solitaire fields. The fields are located in blocks 20/1S, 20/1N and 14/26a of the North Sea, and are located 70km northeast of Aberdeen, with an average water depth ranging from 89-139 meters.
The development comprises separate production and wellhead platforms and two subsea production systems. A total of 15 production wells and 6 water injection wells will eventually be drilled from these facilities. Currently there are two Golden Eagle wells producing approximately 18,000 barrels of oil per day. The project is expected to reach its peak production rate of approximately 70,000 barrels of oil per day in 2015.
Mr. Li Fanrong, CEO of the Company commented, "GEAD was delivered on schedule, on budget, and to world-class safety standards. The GEAD supported in excess of 2,500 jobs in the UK and makes a significant production contribution to the company in the near future."
Nexen Petroleum U.K. Ltd. ("Nexen UK"), a wholly-owned subsidiary of the Company, is the operator of the GEAD and has 36.54% interest. The remaining interests are held by Maersk Oil North Sea UK Ltd. (31.56%), Suncor Energy UK Ltd. (26.69%) and Edinburgh Oil and Gas Ltd (5.21%).
About CNOOC
China National Offshore Oil Corporation ("CNOOC"), the largest offshore oil and gas producer in China, is a mega government owned company operating directly under the State-owned Assets Supervision and Administration Commission of the State Council of the People's Republic of China. In 2013, the Company's rankings in the Fortune Global 500 rose to 93. In 2012, our position in Petroleum Intelligence Weekly's World Top 50 Oil Companies rose to 33rd. Standard & Poor's and Moody's continue to rate the Company with creditratings of AA- and Aa3, the highest for a Chinese corporation.