Cnooc Brings On-Stream Bozhong 26-6 Oilfield Development Project

CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that Bozhong 26-6 Oilfield Development Project (Phase I) has commenced production.

The project is located in central Bohai Bay, with an average water depth of approximately 20 meters. The main production facilities include a new central processing platform and an unmanned wellhead platform. A total of 33 development wells are planned to be commissioned, including 22 production wells, 10 gas injection wells and 1 water source well. The project is expected to achieve a peak production of approximately 22,300 barrels of oil equivalent per day in 2025. The oil property is light crude.

Bozhong 26-6 Oilfield is the world’s largest metamorphic buried hill oilfield with cumulative proven oil and gas in-place of over 200 million cubic meters. Benefiting from the application of standardized engineering, it took only three years from the discovery of the oilfield to production, realizing the rapid conversion of reserves to production. As one of the demonstration CCUS projects of the Company in Bohai, it adopts advanced technology to capture and separate the associated carbon dioxide from crude oil extraction and reinject back into the formation to drive the oil, thereby increasing production while reducing emissions. The project is expected to bury approximately 1.5 million tons of carbon dioxide throughout its life cycle.

Mr. Yan Hongtao, the President of CNOOC Limited, said, “The successful commencement of production of Bozhong 26-6 Oilfield Development Project (Phase I) marks a new stage for the Company in the development of offshore deep play complicated buried hill oil and gas reservoirs as well as the construction of the Bohai CCUS base. It bolsters the Company’s energy supply capacity and low-carbon development in the Beijing-Tianjin-Hebei and Bohai Rim regions.”

CNOOC Limited holds 100% interest in this project and is the operator.

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