CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that the Liuhua 11-1/4-1 Oilfield Secondary Development Project has commenced production.
The project is located in eastern South China Sea and consists of 2 oilfields, Liuhua 11-1 and Liuhua 4-1, with an average water depth of approximately 305 meters. The main production facilities include a new deepwater jacket platform “Haiji-2” and a cylindrical FPSO “Haikui-1”. A total of 32 development wells are to be commissioned. The project is expected to achieve a peak production of approximately 17,900 barrels of oil equivalent per day in 2026. The oil property is heavy crude.
Mr. Zhou Xinhuai, CEO and President of the Company, said, “It is the first oilfield in Asia to be developed with the ‘Deepwater Jacket Platform + Cylindrical FPSO’ mode. The Company has overcome various technological challenges to complete the project. While revitalizing the deepwater oilfields with original oil in place over 100 million tons, the new mode has substantially reduced the construction and production costs. It provides a Chinese solution for the efficient development of similar deepwater oil and gas fields.”
CNOOC Limited holds 100% interest in this project and is the operator.
