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HONG KONG, March 6, 2025 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces that it has made a major breakthrough in the exploration of Paleozoic buried hills in the Beibu Gulf Basin.
The Weizhou 10-5 oil and gas field is located in the Beibu Gulf of the South China Sea, with an average water depth of about 37 meters. Exploration well WZ10-5-1Sa encountered an oil and gas pay zone of 283 meters, with a total drilled depth of approximately 4,840 meters. The test results indicate that the well produces approximately 13.2 million cubic feet of natural gas and about 800 barrels of crude oil per day. It marks a major breakthrough in natural gas exploration in the granite buried hills in the Beibu Gulf Basin.
Mr. Xu Changgui, the Chief Geologist of the Company, said, "The Weixinan Sag in the Beibu Gulf Basin is one of the most explored sags offshore China. In recent years, the Company has been researching on the reservoir formation theories of the complex buried hills and the relevant technologies needed. The breakthrough in the exploration of Paleozoic granite buried hills reveals the vast exploration prospects of the buried hills in the Beibu Gulf Basin. It will also provide guidance for exploration in similar fields offshore China."
Mr. Zhou Xinhuai, the Chief Executive Officer of the Company, said, "In recent years, the Company has made large and medium-sized oil and gas discoveries in various types of buried hills offshore China, which have been further expanding the Company's oil and gas resource base. The discovery in the Beibu Gulf Basin will help to stabilize energy supply and continuously contribute to the economic and social development."
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Notes to Editors:
More information about the Company is available at http://www.cnoocltd.com.
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This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.
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For further enquiries, please contact:
Ms. Cui Liu
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6641
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn
Mr. Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com
