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Panyu 10-2/5/8 Project Starts Production

Source: www.gulfoilandgas.com 7/31/2014, Location: Asia

CNOOC Limited announced that its Panyu 10-2/5/8 project has commenced production.

Panyu 10-2/5/8 project is located in the Pearl River Mouth Basin of the South China Sea with an average water depth of approximately 100 meters. This project includes 3 oilfields, Panyu 10-2, Panyu 10-5 and Panyu 10-8 and was designed to share some facilities of Panyu 4-2 oilfield. The main newly-built production facilities include 1 wellhead platform and 9 producing wells. Currently there are 4 wells producing approximately 9,000 barrels per day, and the project is expected to hit its peak production of approximately 13,000 barrels per day in 2015.

Panyu 10-2/5/8 is an independent project in which the Company holds 100% interest.

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