CNOOC Limited Announces a Hundred-Million-Ton Oilfield Discovery of Qinhuangdao 27-3 in Bohai Sea

HONG KONG, March 18, 2024 /PRNewswire/ — CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces today that the Company has made a major oilfield discovery of Qinhuangdao 27-3 in Bohai Sea, which adds over a hundred million tons of oil equivalent proved in-place volume.

Qinhuangdao 27-3 Oilfield is located in the north-central waters of the Bohai Sea, with an average water depth of approximately 25 meters. The main oil-bearing play is the Minghuazhen Formation of Neogene, and the oil property is medium-heavy crude. The discovery well QHD27-3-3 was drilled and completed at a depth of 1,570 meters, which encountered a total of 48.9 meters oil pay zones. The field has been tested to produce approximately 742 barrels of crude oil per day from a single well. Through continued exploration, the proved in-place volume of Qinhuangdao 27-3 Oilfield has reached 104 million tons of oil equivalent.

Mr. Xu Changgui, Deputy Chief Exploration Officer of the Company, said, "Qinhuangdao 27-3 Oilfield is another major discovery with proved-in place volume over 100 million tons that we made in the north-central Bohai Sea in a decade. The successful discovery of the oilfield further demonstrates the oil and gas exploration potential in the complicated strike-slip fault zones of the Bohai Sea."

Mr. Zhou Xinhuai, CEO and President of the Company, said, "Over the years, we have been continuing to make new discoveries in the Bohai Sea, which further expand the resource base for offshore oil production growth. CNOOC Limited will focus on increasing reserves and production, to enhance our energy supply capacity, thereby contributing to the sustainable development of the economy and society."

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Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com 

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This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company’s expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company’s price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

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For further enquiries, please contact:

Ms. Cui LiuMedia & Public RelationsCNOOC LimitedTel: +86-10-8452-6641Fax: +86-10-8452-1441E-mail: mr@cnooc.com.cn 

Mr. Bunny LeePorda Havas International Finance Communications GroupTel: +852 3150 6707Fax: +852 3150 6728E-mail: cnooc.hk@pordahavas.com

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