CNOOC's Two New Oil Fields Start Production Successfully
CNOOC Limited (the “Company”, NYSE: CEO, SEHK: 00883) announced that, Wenchang 19-1 North and Weizhou 12-8 West oil fields have recently commenced production.
Wenchang 19-1 North oil field is located in the western Pearl River Mouth Basin with an average water depth of about 120-130 meters. This oil field has 3 producing wells and is expected to reach its peak production within the year.
Wenchang 19-1 North is an independent oil field in which the Company holds 100% interest and acts as the Operator.
Weizhou 12-8 West oil field is located in Beibu Gulf Basin in the southwest part of the South China Sea with an average water depth of about 34meters. This oil field has 5 producing wells and is expected to reach its peak production within the year.
The Company holds 51% interest and acts as the Operator of Weizhou 12-8 West oil field. The partners of this oil field are Roc Oil (China) Company, Horizon Oil (Beibu) Ltd and Oil Australia Pty Ltd.
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