CNOOC Limited announced the Penglai 19-3 oilfield 1/3/8/9 comprehensive adjustment project has commenced production.

Penglai 19-3 oilfield 1/3/8/9 comprehensive adjustment project is located in south central Bohai Sea, 216 kilometers northwest from Tanggu and 80 kilometers southeast from Penglai city. The average water depth of the oilfield is 27 to 33 meters. The project is fully utilizing the existing facilities in Penglai 19-3 oilfield. Major production facilities include two wellhead platforms and a central processing platform. There are two wells currently producing. The project is expected to reach its peak production of approximately 58,700 barrels of crude oil per day in 2020.

The company holds 51 percent interest in Penglai 19-3 oilfield and acts as the operator. ConocoPhillips holds the remaining 49 percent interest.

Mr. Yuan Guangyu, CEO of CNOOC Limited, commented: “Successful production commencement of Penglai 19-3 oilfield 1/3/8/9 comprehensive adjustment project will strongly support Bohai to stabilize its production at 30 million tons for another 10 years. We will put quality first and give priority to performance, so as to promote the company’s high-quality development while ensuring the HSE standard.”

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.

About ConocoPhillips

ConocoPhillips (NYSE: COP) is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $69 billion of total assets, and approximately 11,200 employees as of June 30, 2018. Production excluding Libya averaged 1,216 MBOED for the six months ended June 30, 2018, and proved reserves were 5.0 billion BOE as of Dec. 31, 2017.