CNOOC Limited Announces Major Oilfield Discovery In Bohai Sea

HONG KONG, March 18, 2024 – CNOOC Limited, a leading entity in the global energy sector, has announced a significant breakthrough in oil exploration with the discovery of the Qinhuangdao 27-3 Oilfield in the Bohai Sea. This discovery is notable for its addition of over a hundred million tons of oil equivalent proved in-place volume, marking a significant stride in the company's exploration capabilities.

Located in the north-central waters of the Bohai Sea, the Qinhuangdao 27-3 Oilfield boasts an average water depth of around 25 meters. The primary source of oil is identified as the Minghuazhen Formation of Neogene, characterized by medium-heavy crude. The discovery well, QHD27-3-3, reached a completion depth of 1,570 meters and revealed a total of 48.9 meters of oil pay zones. Impressively, this field has demonstrated the capacity to produce approximately 742 barrels of crude oil daily from a single well.

Further exploration efforts have confirmed the proved in-place volume of the Qinhuangdao 27-3 Oilfield to be a staggering 104 million tons of oil equivalent. Mr. Xu Changgui, Deputy Chief Exploration Officer at CNOOC Limited, expressed his enthusiasm about this discovery, highlighting it as a major achievement in the north-central Bohai Sea over the past decade. He emphasized the significance of this find in demonstrating the potential for oil and gas exploration within the complex strike-slip fault zones of the Bohai Sea.

Mr. Zhou Xinhuai, CEO and President of CNOOC Limited, reflected on the company's ongoing success in uncovering new reserves within the Bohai Sea. He underscored the importance of these discoveries in expanding the resource base necessary for offshore oil production growth. Mr. Zhou reaffirmed CNOOC Limited's commitment to enhancing reserves and production levels as part of its broader strategy to boost energy supply capacity and contribute to sustainable economic and societal development.

The discovery of Qinhuangdao 27-3 Oilfield is not just a testament to CNOOC Limited's robust exploration capabilities but also signals promising prospects for future energy exploration endeavors in challenging geological settings. As global demand for energy continues to rise, such discoveries are crucial for ensuring a stable and sustainable energy supply.

For more information about CNOOC Limited and its operations, interested parties are encouraged to visit http://www.cnoocltd.com.

This announcement contains forward-looking statements regarding CNOOC Limited's business prospects and future developments. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially. Factors such as macro-political and economic conditions, fluctuations in crude oil and natural gas prices, competitive industry dynamics, environmental policies, and regulatory changes could impact these outcomes.

Contact information for further enquiries includes Ms. Cui Liu for media and public relations at CNOOC Limited ([email protected]) and Mr. Bunny Lee at Porda Havas International Finance Communications Group ([email protected]).