CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that it has achieved a high yield well in Beibu Gulf, which produces daily over 1,000 cubic meters of oil equivalent.
Wushi 16-5 structure is located in Wushi Sag, Beibu Gulf, with an average water depth of approximately 25 meters. The appraisal well WS16-5-4 was drilled and completed at a depth of 4,185 meters, encountering a total of 65 meters oil pay zones. The well was tested to produce over 1,000 cubic meters of oil equivalent per day, the first well of such productivity in Wushi Sag. The discovery is expected to become a medium-sized oilfield. By far, the total proved oil in-place of Wushi oilfields has exceeded 100 million cubic meters.
Mr. Xu Changgui, Chief Geologist of the Company, said, “CNOOC Limited has been pushing forward the rolling exploration in the surrounding area of Wushi oilfields for years with leading technologies. The successful well proves the promising exploration potential in the mature area of Wushi Sag, which will guide our rolling exploration activities in offshore China.”
