CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces that Panyu 11-12 Oilfield/Panyu 10-1 Oilfield/Panyu 10-2 Oilfield Adjustment Joint Development Project has commenced production.

The project is located in eastern South China Sea, with an average water depth of approximately 100 meters. The main production facilities include a new wellhead platform and an unmanned wellhead platform. 15 development wells are planned to be commissioned. The project is expected to achieve a peak production of approximately 13,600 barrels of oil equivalent per day in 2025. The oil property is medium and heavy crude.

The new unmanned wellhead platform of the project is equipped with "Typhoon Production Mode" and heavy oil intelligent processing system, which can effectively improve production safety and operation efficiency. In addition, the new wellhead platform is connected to the existing platform of Panyu 10-2 through a trestle bridge, so that the oilfields can share facilities and equipment, thus reduces the development cost.

Panyu oilfield has produced more than 380 million barrels of crude oil since it commenced production in 2003. An intelligent oilfield cluster with digital, intelligent and unmanned operation has already been established.