Latest news with #SmartOilInvestment
Yahoo
3 days ago
- Business
- Yahoo
CNOOC starts oil production at South China Sea field
China National Offshore Oil Corporation (CNOOC) has commenced production at the Weizhou 5-3 oilfield development project in the Beibu Gulf Basin of the South China Sea. With an average water depth of around 35m, the project is expected to reach peak production of approximately 10,000 barrels of oil equivalent per day (boepd) by 2026. The Weizhou 5-3 Oilfield utilises one self-installing wellhead platform and uses nearby existing facilities for its development. The production plan includes the commissioning of ten development wells, consisting of seven production wells, two water injection wells and one gas injection well. CNOOC owns a 51% interest in the Weizhou 5-3 oilfield, while Smart Oil Investment holds the remaining 49% stake. CNOOC is reputed to be the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies globally. The company focuses mainly on the exploration, development, production and sale of crude oil and natural gas. In China, CNOOC carries out oil and gas exploration and development primarily via independent operations and cooperation projects. The company has been increasing its reserves and production mainly through independent exploration and exploitation. As of the end of 2024, around 88.7% of net proved reserves and 85.1% of net production in China were from the company's self-operated oil and gas fields. In April, CNOOC commenced production at the Wenchang 9-7 Oilfield Development Project in the western Pearl River Mouth Basin. Furthermore, in March, production began at two additional projects: the Caofeidian 6-4 Oilfield Comprehensive Adjustment project and the Wenchang 19-1 oilfield phase two project. "CNOOC starts oil production at South China Sea field" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
5 days ago
- Business
- Yahoo
CNOOC starts oil production at South China Sea field
China National Offshore Oil Corporation (CNOOC) has commenced production at the Weizhou 5-3 oilfield development project in the Beibu Gulf Basin of the South China Sea. With an average water depth of around 35m, the project is expected to reach peak production of approximately 10,000 barrels of oil equivalent per day (boepd) by 2026. The Weizhou 5-3 Oilfield utilises one self-installing wellhead platform and uses nearby existing facilities for its development. The production plan includes the commissioning of ten development wells, consisting of seven production wells, two water injection wells and one gas injection well. CNOOC owns a 51% interest in the Weizhou 5-3 oilfield, while Smart Oil Investment holds the remaining 49% stake. CNOOC is reputed to be the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies globally. The company focuses mainly on the exploration, development, production and sale of crude oil and natural gas. In China, CNOOC carries out oil and gas exploration and development primarily via independent operations and cooperation projects. The company has been increasing its reserves and production mainly through independent exploration and exploitation. As of the end of 2024, around 88.7% of net proved reserves and 85.1% of net production in China were from the company's self-operated oil and gas fields. In April, CNOOC commenced production at the Wenchang 9-7 Oilfield Development Project in the western Pearl River Mouth Basin. Furthermore, in March, production began at two additional projects: the Caofeidian 6-4 Oilfield Comprehensive Adjustment project and the Wenchang 19-1 oilfield phase two project. "CNOOC starts oil production at South China Sea field" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Associated Press
6 days ago
- Business
- Associated Press
CNOOC Limited Brings On-stream Weizhou 5-3 Oilfield Development Project
HONG KONG, June 8, 2025 /PRNewswire/ -- CNOOC Limited (the 'Company', SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces that Weizhou 5-3 Oilfield Development Project has commenced production. The project is located in the Beibu Gulf Basin of the South China Sea, with an average water depth of approximately 35 meters. The main production facility includes 1 self-installing wellhead platform, which leverages the adjacent existing facilities for development. 10 development wells are planned to be commissioned, including 7 production wells, 2 water injection wells and 1 gas injection well. The project is expected to achieve a plateau production of approximately 10,000 barrels of oil equivalent per day in 2026. The oil property is medium crude. CNOOC Limited holds 51% interest in the project, and Smart Oil Investment Ltd. holds the remaining 49%. — End — Notes to Editors: More information about the Company is available at . *** *** *** *** This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words 'expect', 'anticipate', 'continue', 'estimate', 'objective', 'ongoing', 'may', 'will', 'project', 'should', 'believe', 'plans', 'intends' and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations. *** *** *** *** For further enquiries, please contact: Ms. Cui Liu Media & Public Relations CNOOC Limited Tel: +86-10-8452-6641 Fax: +86-10-8452-1441 E-mail: [email protected] Mr. Cheng Yao Ever Bloom (HK) Communications Consultants Group Limited Tel：+852 5540 0725 Fax：+852 2111 1103 Email： [email protected] View original content to download multimedia: SOURCE CNOOC Limited
Yahoo
6 days ago
- Business
- Yahoo
CNOOC Limited Brings On-stream Weizhou 5-3 Oilfield Development Project
HONG KONG, June 8, 2025 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces that Weizhou 5-3 Oilfield Development Project has commenced production. The project is located in the Beibu Gulf Basin of the South China Sea, with an average water depth of approximately 35 meters. The main production facility includes 1 self-installing wellhead platform, which leverages the adjacent existing facilities for development. 10 development wells are planned to be commissioned, including 7 production wells, 2 water injection wells and 1 gas injection well. The project is expected to achieve a plateau production of approximately 10,000 barrels of oil equivalent per day in 2026. The oil property is medium crude. CNOOC Limited holds 51% interest in the project, and Smart Oil Investment Ltd. holds the remaining 49%. — End — Notes to Editors: More information about the Company is available at *** *** *** *** This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations. *** *** *** *** For further enquiries, please contact: Ms. Cui LiuMedia & Public RelationsCNOOC LimitedTel: +86-10-8452-6641Fax: +86-10-8452-1441E-mail: mr@ Mr. Cheng YaoEver Bloom (HK) Communications Consultants Group LimitedTel：+852 5540 0725Fax：+852 2111 1103Email： View original content to download multimedia: SOURCE CNOOC Limited Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
6 days ago
- Business
- Yahoo
CNOOC Limited Brings On-stream Weizhou 5-3 Oilfield Development Project
HONG KONG, June 8, 2025 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces that Weizhou 5-3 Oilfield Development Project has commenced production. The project is located in the Beibu Gulf Basin of the South China Sea, with an average water depth of approximately 35 meters. The main production facility includes 1 self-installing wellhead platform, which leverages the adjacent existing facilities for development. 10 development wells are planned to be commissioned, including 7 production wells, 2 water injection wells and 1 gas injection well. The project is expected to achieve a plateau production of approximately 10,000 barrels of oil equivalent per day in 2026. The oil property is medium crude. CNOOC Limited holds 51% interest in the project, and Smart Oil Investment Ltd. holds the remaining 49%. — End — Notes to Editors: More information about the Company is available at *** *** *** *** This press release includes forward looking information, including statements regarding the likely future developments in the business of the Company and its subsidiaries, such as expected future events, business prospects or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company as of this date in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company currently believes are appropriate under the circumstances. However, whether actual results and developments will meet the current expectations and predictions of the Company is uncertain. Actual results, performance and financial condition may differ materially from the Company's expectations, including but not limited to those associated with macro-political and economic factors, fluctuations in crude oil and natural gas prices, the highly competitive nature of the oil and natural gas industry, climate change and environmental policies, the Company's price forecast, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws and regulations. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations. *** *** *** *** For further enquiries, please contact: Ms. Cui LiuMedia & Public RelationsCNOOC LimitedTel: +86-10-8452-6641Fax: +86-10-8452-1441E-mail: mr@ Mr. Cheng YaoEver Bloom (HK) Communications Consultants Group LimitedTel：+852 5540 0725Fax：+852 2111 1103Email： View original content to download multimedia: SOURCE CNOOC Limited
