CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

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22

CNOOC Limited announced today that Caofeidian 11-1/11-6 oilfield comprehensive adjustment project has commenced production.

Caofeidian 11-1/11-6 oilfield comprehensive adjustment project is located in Bohai with an average water depth of 20 to 25 meters. The project has built two central processing platforms in addition to fully utilizing the existing facilities in Caofeidian oilfield, which including six wellhead platforms and one FPSO. A total of 89 producing wells are planned with 12 wells currently producing. The project is expected to reach its peak production of approximately 28,700 barrels of crude oil per day in 2021.

As the operator, the Company holds 51 percent interest in Caofeidian 11-1 oilfield and 60 percent interest in Caofeidian 11-6 oilfield, while the partners, Brightoil Petroleum (Holdings) Limited holds 40.09 percent interest and 29.18 percent interest in these two oilfields respectively, SPC E&P (China) Pte Ltd holds the remaining interest in these two oilfields.