CNOOC Announces Exploration Success in Bohai Bay

CNOOC Limited has managed to reach a significant milestone with the announcement of the successful performance of the Bozhong 19-6 Condensate Gas Field D1 Well. Located in Bohai Bay, this well marks a groundbreaking achievement as the region's first ultra-deep well, demonstrating impressive production capabilities. The successful yield underscores CNOOC Limited's pioneering efforts in deepwater exploration and production, highlighting advancements in technology and operational excellence in unlocking valuable energy resources in challenging offshore environments.

Located in central Bohai Bay with an average water depth of approximately 20 meters, the Bozhong 19-6 Condensate Gas Field boasts substantial reserves, including over 200 billion cubic meters of natural gas and more than 200 million cubic meters of oil. Notably, it represents China's first gas field of such magnitude in the deep buried hill play offshore. CNOOC Limited has adopted a strategic approach of "overall planning, phased implementation, and pilot-first" to develop this resource. Since 2020, the company has progressively initiated key projects including the Bozhong 19-6 Condensate Gas Field Pilot Area Development, Phase I Development, and the 13-2 Block 5 Well Site Development.

Currently, the gas field is achieving a production rate of approximately 37,500 barrels of oil equivalent per day, underscoring its significance in CNOOC Limited's portfolio and its contribution to regional energy security and economic development. This phased development strategy reflects CNOOC Limited's commitment to leveraging advanced technologies and operational expertise to optimize resource extraction while adhering to sustainable practices in offshore energy exploration and production.

The Bozhong 19-6 Condensate Gas Field D1 Well, drilled to a depth of 6,088 meters, represents a pioneering achievement as CNOOC Limited's inaugural ultra-deep well in Bohai Bay. This landmark well is currently contributing approximately 6,300 barrels of oil equivalent per day to the company's production output. Its successful operation underscores CNOOC Limited's technological prowess and strategic focus on unlocking deeper reservoirs to enhance energy supply and strengthen its position in offshore hydrocarbon development.

Mr. Sun Fujie, Vice President of the Company, underscored the strategic significance of the high yield well discovery, which validates the promising potential of offshore deep buried hill plays. This milestone is set to catalyze accelerated exploration and development efforts in these deep-seated geological formations. By enhancing production capabilities, the Company aims to bolster its role in supplying clean energy to the Bohai Economic Rim, contributing to regional energy security and sustainability goals. This achievement marks a pivotal step forward in the Company's commitment to leveraging advanced exploration technologies and operational expertise to unlock and harness valuable offshore oil and gas resources.