Oil discovery confirmed in Bohai Bay

CNOOC Limited announced today that the Company and partners, ChevronTexaco and Petronas Carigali have confirmed an oil discovery in the Liaodong Bay 02/31 Block in Bohai Bay, China. Appraisal well, LD 27-2-3, which was drilled in 21 meters of water to a total depth of 2,700 meters, encountered multiple oil zones in the Minghuazhen, Guantao, and Dongying Formations. Four light-oil zones were tested and yielded 33-36 API oil at a combined rate of 4,600 barrels per day. Under the production sharing contract, CNOOC Ltd has the right to take up to a 51% participating interest in the development of the oil discovery. Located about 104 kilometers southeast of Qinghuangdao City, LD 27-2 structure had its first wildcat well LD 27-2-1 drilled in 2000 and encountered over 100 meters of oil show without tests. Since the end of 2001, two wells LD 27-2-2 and LD 27-2-3 were drilled. This latest drilling success continues to build on the Company’s enlarged portfolio of assets in China following the ChevronTexaco merger last year.

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