CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that Jinzhou 23-2 Oilfield Development Project has commenced production.

The project is located in the northern part of the Bohai Sea, with an average water depth of approximately 13 meters. The main production facilities include 2 new central processing platforms. A total of 67 development wells are planned to be commissioned, including 65 production wells and 2 water source wells. The project is expected to achieve a peak production of approximately 17,000 barrels of oil equivalent per day in 2027. The oil property is heavy crude.

The Jinzhou 23-2 oilfield development project is the first multi-layer heavy oil thermal recovery project offshore China. The project adopts the method of “steam stimulation+chemical auxiliary steam flooding” to reduce the viscosity of crude oil, thus effectively improve the utilization of reserves in offshore heavy oil field. It will strengthen the energy supply to the Beijing-Tianjin-Hebei region.

CNOOC Limited holds 100% interest in this project and is the operator.

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.