CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces that Panyu 11-12 Oilfield/Panyu 10-1 Oilfield/Panyu 10-2 Oilfield Adjustment Joint Development Project has commenced production.

The project is located in eastern South China Sea, with an average water depth of approximately 100 meters. The main production facilities include a new wellhead platform and an unmanned wellhead platform. 15 development wells are planned to be commissioned. The project is expected to achieve a peak production of approximately 13,600 barrels of oil equivalent per day in 2025. The oil property is medium and heavy crude.

The new unmanned wellhead platform of the project is equipped with “Typhoon Production Mode” and heavy oil intelligent processing system, which can effectively improve production safety and operation efficiency. In addition, the new wellhead platform is connected to the existing platform of Panyu 10-2 through a trestle bridge, so that the oilfields can share facilities and equipment, thus reduces the development cost. 

Panyu oilfield has produced more than 380 million barrels of crude oil since it commenced production in 2003. An intelligent oilfield cluster with digital, intelligent and unmanned operation has already been established.

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.