CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that Yellowtail Project has commenced production safely ahead of schedule.

The Yellowtail Project is located in the Stabroek Block offshore Guyana, with water depth of 1,600-2,000 meters. The main production facilities include 1 floating production, storage and offloading(FPSO) and 1 subsea production system, with 26 production wells and 25 injection wells planned to be commissioned.This FPSO is the largest FPSO on the Stabroek Block with a storage capacity of 2 million barrels.

The Liza Phase 1, Liza Phase 2 and Payara Project in Guyana’s Stabroek Block have commenced production, with the block currently producing approximately 650,000 barrels of crude oil per day. The Yellowtail Project has a production capacity of 250,000 barrels per day, which will increase the installed production capacity of Stabroek Block to 900,000 barrels of crude oil per day.

CNOOC Petroleum Guyana Limited, a wholly owned subsidiary of CNOOC Limited, holds 25% interest in the Stabroek Block. ExxonMobil Guyana Limited is operator and holds 45% interest, and Hess Guyana Exploration Ltd. holds 30% 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.