CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces today that it has achieved a major exploration breakthrough in Mesozoic buried hill offshore Bohai Bay.
Longkou 7-1 oilfield is located in eastern Bohai Bay, with an average water depth of about 26 meters. The discovery well LK7-1-1 was drilled and completed at a depth of approximately 4,400 meters, which encountered a total of 76 meters oil and gas pay zones. The well was tested to produce about 210 cubic meters of crude oil and nearly one million cubic meters of natural gas per day, a new record for gas tested productivity in Bohai Bay.
Mr. Xu Changgui, Deputy Chief Exploration Officer of the Company, said, “In recent years, we have continued to make new discoveries in metamorphic buried hills medium-to-deep plays in Bohai Bay. The successful well demonstrates the broad exploration prospect in Mesozoic volcanic rocks in Bohai Bay. It also testifies the progress in the Company’s understanding and technological capabilities in tapping resources in medium-to-deep plays. The expertise we gained will guide our exploration in similar plays offshore China.”
Mr. Zhou Xinhuai, CEO and President of the Company, said, “CNOOC Limited will continue to think out of the box, to deepen our geological understanding and foster technological innovation. We will ramp up our efforts in oil and gas exploration and development, to lay a solid foundation for stable supply of energy to the society and for the high-quality development of the Company.”