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CNOOC Made New Discovery BZ 29-5 in China

Source: www.gulfoilandgas.com 8/12/2008, Location: Asia

CNOOC Limited announced that the company had acquired a new oil and gas discovery named Bozhong(BZ) 29-5 in the Yellow River Mouth Sag of Bohai Bay, which represents another new progress of the company’s exploration in this area.

The wildcat BZ29-5-1, which was drilled on Structure BZ 29-5 in the Yellow River Mouth Sag, encounters oil pay zones of 26.2 meters. The well was drilled to a total depth of 1,885 meters, with a water depth of about 21 meters.

During the drill stem test, the well was tested to flow about 1,500 barrels of oil and 220,000 cubic feet of gas per day via 11.91 mm choke.

Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of the Exploration Department commented, “The success of BZ 29-5 has further demonstrated the exploration potential of the Yellow River Mouth Sag. Ever since 2006, CNOOC Ltd. has successfully made 6 discoveries in the Yellow River Mouth Sag. We believe that the area will continue to facilitate the stable growth of our production and reserve in Bohai Bay.

BZ29-5 oil and gas field is in the neighborhood of BZ 34, BZ 28-2S and BZ 29-4 fields. It is expected to be developed commercially in a more efficient way.

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