China Pearl River Estuary Oil Flows

Press Release
Monday, December 31, 2012

CNOOC Limited announce that Panyu 4-2/5-1 & Liuhua 4-1 oil fields in the Pearl River Mouth Basin, South China Sea, start production.

Panyu 4-2/5-1 oil field has an average water depth of about 100 meters and an adjustment project has been designed to share the existing facilities to develop this oil field more effectively,  and it is expected to hit its peak production in 2014.

The Company holds 75.5% interest and acts as the operator of Panyu 4-2/5-1 oil field; its other partner, Burlington Resources China holds the remaining 24.5% interest.

Liuhua 4-1 oil field has an average water depth of about 268 meters. In view of the features of the oil field, the Company built a new subsea production system while sharing the surrounding facilities for overall development. This project is expected to hit its peak production in 2013.
Liuhua 4-1 is an independent oil field in which the Company holds 100% interest and acts as the operator.
 


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