CNOOC Limited announced that Mero 1 project has commenced production safely.

Mero field locates in the Santos Basin pre-salt in the sea area of southeastern Brazil, with an average water depth of 1,930 meters, more than 150 kilometres from Rio de Janeiro. Mero 1 Project will be developed by the traditional deep-water Pre-salt development mode, FPSO+Subsea. It has 6 producing wells and 7 injectors currently, and capacity to produce 180,000 barrels of crude oil per day.

The FPSO used in Mero field was completed in December 2021 and arrived in Brazil in January 2022. It will be able to store around 1.4 million barrels of crude oil and is one of the largest adapted FPSO in the world.

"Mero field, which contains extremely rich oil and gas resources, is the third-largest subsalt deep-water oilfield globally," said Xia Qinglong, president of the Company. "The production of Mero 1 will not only become a significant growth driver for CNOOC Limited's overseas oil and gas production. The Company will take this as an opportunity, to further enrich experience and strengthen key technology breakthroughs, and sincerely work with partners to co-create a world-class benchmarking collaboration project, thus to have a positive impact on both the sustainable economic and social development of Brazil."

CNOOC Petroleum Brasil Ltda, a wholly-owned subsidiary of CNOOC Limited, holds 9.65% interest. Petrobras is the operator and has 38.6% interest, TotalEnergies holds 19.3% interest, Shell Brasil holds 19.3% interest, CNODC holds 9.65% interest, and Pré-Sal Petróleo S.A –PPSA holds 3.5% as the Federal Union representative in non-contracted areas.

About CNOOC

CNOOC Limited (SEHK: 00883, SSE: 600938), 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.