China National Offshore Oil Corporation announces two new projects to be put into operation

(Hong Kong, March 17, 2025) China National Offshore Oil Corporation ("the Company" or "CNOOC", Hong Kong Stock Exchange stock codes: 00883 (HKD counter) and 80883 (RMB counter), Shanghai Stock Exchange stock code: 600938) announced today that the Caofeidian 6-4 Oilfield Comprehensive Adjustment Project and the Wenchang 19-1 Oilfield Phase II Project have been put into operation.

The Caofeidian 6-4 Oilfield Comprehensive Adjustment Project is located in the western waters of the Bohai Sea, with an average depth of about 20 meters. The main production facility is the construction of a new comprehensive processing platform, which will be developed based on existing facilities. 25 development wells are planned to be put into operation, including 22 production wells and 3 injection wells. It is expected to achieve a peak production of approximately 11000 barrels of oil equivalent per day by 2026, with the oil product being light crude oil.

Caofeidian 6-4 Oilfield Comprehensive Adjustment Project

Wenchang 19-1 Oilfield Phase II Project is located in the western sea area of the the Pearl River Mouth Basin, with an average water depth of about 125 meters. The main production facility is to build a new drilling and production platform and rely on existing facilities for development. Thirteen development wells are planned to be put into operation. It is expected to achieve a peak production of approximately 12000 barrels of oil equivalent per day by 2027, with the oil being of medium quality.

Wenchang 19-1 Oilfield Phase II Project

CNOOC is committed to the construction of intelligent offshore oil and gas fields and the green and low-carbon development of oil and gas resources, providing clean and stable energy supply for society. Both new projects adopt the concept of intelligent oil and gas field design, upgrading some aspects such as crude oil production, equipment maintenance, and safety management to improve the efficiency of oil and gas field development. The associated gas generated during the comprehensive adjustment project of Caofeidian 6-4 Oilfield is injected back into the formation through a gas injection compressor, which is expected to reduce carbon dioxide emissions by about 13000 tons per year. The Wenchang 19-1 Oilfield Phase II project utilizes a megawatt level high-temperature flue gas waste heat ORC power generation device, with an expected annual power generation of 24 million kilowatt hours and a reduction of approximately 23000 tons of carbon dioxide emissions per year.

China National Offshore Oil Corporation (CNOOC) owns the rights and serves as the operator for the Caofeidian 6-4 Oilfield Comprehensive Adjustment Project and the Wenchang 19-1 Oilfield Phase II Project.