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CNOOC Limited Announces Penglai 19-3 Oilfield Area 4 adjustment/Penglai 19-9 Oilfield Phase II Project Commences Production

HONG KONG, May 21, 2020 /CNW/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Penglai 19-3 oilfield area 4 adjustment/Penglai 19-9 oilfield phase II project has commenced production.
CNOOC Limited Announces Penglai 19-3 Oilfield Area 4 adjustment/Penglai 19-9 Oilfield Phase II Project Commences Production
The Penglai 19-3/19-9 oilfields are located in Bohai with an average water depth of approximately 28 meters. A new wellhead platform has been built, with 47 wells planned in total, including 30 production wells, 16 water injection wells and 1 development and appraisal well. This new wellhead platform will fully utilize the existing processing facilities of Penglai 19-3 oilfield. The project is expected to reach its peak production of approximately 15,681 barrels of crude oil per day in 2022.CNOOC Limited holds 51% working interest in Penglai 19-3 oilfield area 4 adjustment/Penglai 19-9 oilfield phase II project and acts as the operator. ConocoPhillips China, CNOOC Limited's partner, holds the remaining 49% working interest.- End -
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