Commercial production started in Wenchang project

CNOOC Limited announced today that the Company has earlier successfully started commercial production from the Wenchang offshore project in the South China Sea. The Wenchang project, consisting of Wenchang 13-1 and 13-2 fields, is located in the western Pearl River Mouth Basin, about 400 kilometers southwest of Hong Kong and 140 kilometers east of Hainan Island. CNOOC limited discovered the two oil fields independently. The Wenchang project progressed on schedule and on budget, the expected production will contribute to material production increases offshore China in the 2nd half of the year. The Company has booked about 55.36 million barrels of oil net reserves in the Wenchang 13-1/13-2 fields. The peak average production capacity of this project should be around 50,000 barrels of oil per day. CNOOC limited is the operator of both fields. The company holds a 60 percent working interest and Husky holds the remaining 40 percent. The company is producing oil from two fixed platforms and one FPSO named “Nanhai Endeavor”.

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