HONG
KONG, Oct. 19, 2022 /PRNewswire/ -- CNOOC
Limited (the "Company", SEHK: 00883, SSE: 600938) announced today
that the proved gas in-place of Baodao 21-1 Gas Field has
successfully passed the Chinese governmental review and filing.
Baodao 21-1 gas field is located in Baodao Sag, Qiongdongnan
Basin, Western South China Sea. The water depth ranges from 660 to
1,570 meters. The main gas-bearing layer is the Paleogene Lingshui
formation and the discovery is condensate gas reservoirs. The
discovery well Baodao 21-1-1 completed at hole depth of 5,188
meters, encountering 113 meters of pay zone. The well is tested to
produce an average of 587,000 cubic metres of natural gas per day.
Chinese governmental bodies reviewed the discovery and certified
the proven in-place of natural gas and condensate oil at over 50
billion cubic metres and 3 million cubic metres respectively.
Baodao 21-1 gas-bearing structure will host the first deep-water
deep-stratum large gas field in the South China Sea, realising the
biggest discovery in more than half a century in Songnan-Baodao
Sag. It will lay a solid foundation for the construction of a gas
production base of trillion cubic meters resources in the South
China Sea. The review and filing once again confirmed the
exploration potential of this structure.
Mr. Zhou Xinhuai, the Chief Executive Officer of the Company
said, "Exploration has always been a priority for CNOOC Limited. We
have accelerated the pace to explore in deep waters, targeting the
discovery of large and medium-sized oil and gas fields. We
emphasised geological theory and technological researches, to make
breakthroughs and to bolster our efforts in reserves and production
growth."
Notes to Editors:
More information about the Company is available at
http://www.cnoocltd.com.
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
fluctuations in crude oil and natural gas prices, macro-political
and economic factors, changes in the tax and fiscal regimes of the
host countries in which we operate, the highly competitive nature
of the oil and natural gas industry, environmental responsibility
and compliance requirements, the Company's price forecast, the
exploration and development activities, mergers, acquisitions and
divestments activities, HSSE and insurance policies and changes in
anti-corruption, anti-fraud, anti-money laundering and corporate
governance laws.
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.
For further enquiries, please contact:
Ms. Ariel Wang
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6832
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn
Mr. Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com
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SOURCE CNOOC Limited