CNOOC Commences Production from OML130

Source: www.gulfoilandgas.com 3/9/2009, Location: Africa

CNOOC Limited announced that OML130 in Nigeria, of which the company holds 45% interest, has commenced production from its Akpo deepwater oilfield ahead of the operator’s anticipated startup date.

Akpo, discovered in 2000, is one of the world-class discoveries that have been drilled in OML130 block. The oilfield is located 200 kilometers offshore Nigeria and lies in water-depth ranging from 1,200 to 1,400 meters. Its proved and probable reserves are estimated by the operator to be around 620 millions barrels of condensate.

The development facilities consist of 44 wells (22 producers, 20 water injectors and 2 gas Injectors), a floating production storage offloading facility (“FPSO”) with a designed daily processing capacity of 185,000 barrels of oil and a storage capacity of 2 million barrels, 110-kilometer subsea pipelines and other infrastructures. As to date, 22 wells have been drilled.

Akpo is expected to quickly reach its plateau rate of approximately 175,000 barrels of oil per day during summer 2009.

“Akpo is one of the leading projects with huge potential in Western Africa, and it is also one of the largest deep-water projects in the world ever undertaken. I believe it will become the most important new oilfield of the year 2009. For CNOOC Ltd., the successful startup of Akpo will enhance the weight of overseas assets in the company’s total portfolio by a substantial increase of the company’s overseas reserves and production.” Mr. Fu Chengyu, Chairman and Chief Executive Officer of the company, commented.

Total acts as the operator of OML 130 block. Other partners in the project include NNPC (Nigerian National Petroleum Corporation), Petrobras of Brazil and SAPETRO (South Atlantic Petroleum Limited) of Nigeria.


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