CNOOC Limited ( SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that Penglai 19-3 Oilfield Area 5/10 Development Project has commenced production.

The project is located in south-central Bohai Sea, with an average water depth of approximately 30 meters. The main production facilities include 2 wellhead platforms. 130 development wells are planned to be commissioned, including 87 production wells and 43 water-injection wells. It is expected to achieve a peak production of approximately 29,800 barrels of crude oil per day in 2027.

CNOOC Limited holds 51% interest in this project and acts as the operator, while ConocoPhillips China holds the remaining 49% interest.

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.

About ConocoPhillips

ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 13 countries, $90 billion of total assets, and approximately 9,700 employees at June 30, 2023. Production averaged 1,798 MBOED for the six months ended June 30, 2023, and proved reserves were 6.6 BBOE as of Dec. 31, 2022.