CNOOC Limited announced that Liza Phase II had commenced production safely and ahead of schedule.

Liza Phase II locates in the Stabroek Block offshore Guyana and produces with 1 FPSO and 30 subsea wellheads. The FPSO is the second production facility in the Block following the one serving Liza Phase I. It was constructed in China and Singapore, and arrived in Guyana in October 2021. It is moored in water depth of about 1,650 meters and will be able to store around 2 million barrels of crude oil. Liza Phase II is expected to reach its peak production of approximately 220,000 barrels of crude oil per day within this year.

“Liza Phase II achieved an auspicious start for the Company’s new projects to be commissioned in 2022,” said Xia Qinglong, President of CNOOC Limited. “The continuous exploration and development achievements at the Stabroek Block will be the powerful driving forces to propel the Company's production growth, and will also make a positive contribution to the sustainable development of Guyana's economy and society”.

The total recoverable resources of the Stabroek Block are estimated to be over 10 billion barrels of oil equivalent. By 2027, at least six FPSOs are expected to be producing more than 1 million barrels of oil per day from the Block.

About CNOOC Guyana

CNOOC Petroleum Guyana Limited, a wholly owned subsidiary of CNOOC Limited (SEHK: 00883), holds 25% interest. Esso Exploration and Production Guyana Limited is operator and holds 45% interest, and Hess Guyana Exploration Ltd. holds 30% interest.

About CNOOC

CNOOC Limited ( SEHK: 00883, TSX: CNU), incorporated in the Hong Kong Special Administration Region (“Hong Kong”) in August 1999, was listed on the New York Stock Exchange (“NYSE”) (code: CEO) and The Stock Exchange of Hong Kong Limited (code: 00883) on 27 and 28 February 2001, respectively. The Company was admitted as a constituent stock of the Hang Seng Index in July 2001. The Company was listed on the Toronto Stock Exchange (code: CNU) on 18 September 2013.