Key Operating Areas

  • China
  • Overseas
  • Asia (excluding China)

    Asia (excluding China) is the first overseas region the Company entered and has become one of the major overseas oil and gas producing areas of the Company. Currently, the Company owns oil and gas assets mainly in Indonesia, Iraq and the United Arab Emirates. As of the end of 2021, the reserves and production in Asia (excluding China) reached 315.5 million BOE and 97,114 BOE/day, respectively, representing approximately 5.5% of the Company’s total reserves and approximately 6.2% of its production.


    Indonesia

    As of the end of 2021, the Company’s asset portfolio in Indonesia comprised mainly of two development and production blocks, namely the Madura Strait and Tangguh.

    Among them, the Madura Strait block is a joint operation block, and the production of BD gas field remained stable. In 2021, the output grew slightly to a daily net production of approximately 7,800 BOE. At the same time, the Company actively developed market for the product. Other gas fields are under appraisal and construction, among which, the 3M (MDA, MBH, MAC) gas field is expected to commence production in 2022.

    The Company owns approximately 13.9% interest in the Tangguh LNG project in Indonesia. In 2021, phase I production remained stable with a daily net production of approximately 22,000 BOE. The third LNG train of phase II is under construction as planned and is expected to be delivered in 2022.


    Iraq

    The Company owns a 63.75% participating interest in the technical service contract of Missan oilfields in Iraq and acts as the lead contractor.

    In 2021, the Company continued to drill development wells in Missan oilfields, and the production of the project has steadily increased. When OPEC lifted its production curtailment, the capacity of the oilfields was effectively released, yielding a daily net production of approximately 41,000 BOE.


    United Arab Emirates

    The Company indirectly held 4% interest in each of the two oilfield contract areas, namely the Lower Zakum Shallow Water Oilfield and Umm Shaif & Nasr Oilfield in Abu Dhabi. In 2021, the projects maintained stable production with an average daily net production of approximately 26,000 BOE.


    Oceania

    Currently, the Company’s oil and gas assets in Oceania are mainly located in Australia and Papua New Guinea. As of the end of 2021, the reserves and production from Oceania reached 39.6 million BOE and 30,516 BOE/day, respectively, representing approximately 0.7% of the Company’s total reserves and approximately 1.9% of its production.


    Australia

    The Company owns a 5.3% interest in the North West Shelf LNG Project (“NWS Project”) in Australia. The producing project supplies gas to the end-users including the Dapeng LNG Regasification Terminal in Guangdong, China.

    In 2021, production from the NWS Project remained stable. The incremental gas production exceeded target and generated favourable economic returns.


    Other Regions in Oceania

    The Company owns interests in three exploration blocks in Papua New Guinea.


    Africa

    Africa is one of the regions where the Company has a relatively large overseas oil and gas reserves and production. The Company’s assets in Africa are primarily located in Nigeria and Uganda. As of the end of 2021, the reserves and production in Africa reached 52.7 million BOE and 96,859 BOE/day, respectively, representing approximately 0.9% of the Company’s total reserves and approximately 6.2% of its production.


    Nigeria

    The Company owns a 45% interest in the OML130 block in Nigeria. The OML130 block is a deepwater block comprised of four oilfields, namely Akpo, Egina, Egina South and Preowei.

    In 2021, Akpo oilfield maintained stable production, with a daily net production of 50,000 barrels. The production implementation of Egina oilfield is slightly higher than the production curtailment of the OPEC, with a daily net production of approximately 40,000 barrels.

    In addition, the Company holds a 20% non-operating interest in Usan oilfield in the OML138 block offshore Nigeria, and an 18% non-operating interest in the OPL223 and OML139 PSCs, respectively.

    We will deepen our regional coordination to establish an oil and gas production base in West Africa centred around Nigeria.


    Uganda

    The Company owns a one-third interest in each of EA 1, EA 2 and EA 3A blocks in Uganda. The blocks are located at the Lake Albert Basin in Uganda, which is one of the most promising basins in terms of oil and gas resources onshore Africa.

    In November 2021, the final investment decision and approval by all partners for the projects were obtained, and the construction officially started in February 2022. In the future, the Company will adhere to the philosophy of mutually beneficial cooperation and continue to actively cooperate with project partners and the Ugandan government.


    Other Regions in Africa

    Apart from Nigeria and Uganda, the Company also owns operating interests in several blocks in Senegal and Gabon. Among them, the Company holds a 65% interest in AGC Profond block in Senegal and holds 100% interest in BC9 and BCD10 block in Gabon.


    North America

    North America has become the Company’s largest overseas oil and gas reserves and production region. The Company holds interests in oil and gas blocks in the U.S., Canada, Mexico and Trinidad and Tobago. As of the end of 2021, the Company’s reserves and production in North America reached 1,118.5 million BOE and 142,724 BOE/day, respectively, representing approximately 19.5% of the Company’s total reserves and approximately 9.1% of its production.


    The U.S.

    The Company owns interests in two onshore shale oil and gas projects in the U.S. and two offshore deepwater projects in the Gulf of Mexico.

    CNOOC Limited holds 27% and 12% interests in Eagle Ford and Rockies, respectively, which are two onshore shale oil and gas projects in the U.S. In 2021, Eagle Ford project and Rockies project witnessed decreased drilling activities due to the pandemic, with daily net production of 37,000 BOE and 8,000 BOE respectively.

    CNOOC Limited owns interests in two important deepwater projects, namely Stampede and Appomattox in the U.S. Gulf of Mexico. In 2021, the two projects overcame the impacts of hurricanes, and the production gradually recovered and remained stable. In particular, the daily net production of Appomattox project reached approximately 20,000 BOE. In addition, the Company also owns interests in several other exploration blocks in the U.S. Gulf of Mexico.


    Canada

    Canada is one of the areas rich in oil sands resources in the world. The Company owns 100% working interest in Long Lake and three other oil sands projects in the Athabasca region of northeastern Alberta in Canada.

    In 2021, the Company seized the opportunity of oil price recovery, actively drilled adjustment wells and put the Long Lake Southwest project into production. We have a daily net production of approximately 39,000 barrels from the projects.

    The Company holds a 7.23% interest in the Syncrude project and its daily net production in 2021 was approximately 18,000 BOE. The Company also holds a 25% interest in the Hangingstone oil sands project and non-operating interests under several other exploration and development licences.

    The Company also holds 100% interest in two exploration blocks in offshore East Canada. The drilling of one wildcat well was completed in 2021.

    In addition, the Company holds approximately 9.35% of shares in MEG Energy Corporation, a listed company in Canada.


    Other Regions in North America

    The Company owns a 12.5% interest in the 2C block in Trinidad and Tobago, which is a producing asset with stable output and favourable economic returns.

    The Company also owns 100% operating interest in block 1 and a 40% operating interest in block 4 of the Cinturon Plegado Perdido deepwater exploration blocks in Mexico, respectively. In 2021, the drilling of one wildcat well in block 1 was completed and the drilling of one wildcat well in block 4 was completed.


    South America

    South America is one of the important sources of future reserve and production growth for the Company. The Company holds interests in oil and gas blocks in Brazil, Guyana and Colombia, as well as a 50% interest in BC ENERGY INVESTMENTS CORP. (“BC”) in Argentina. As of the end of 2021, the Company’s reserves and production from South America reached 844.8 million BOE and 86,086 BOE/day, respectively, representing approximately 14.7% of the Company’s total reserves and approximately 5.5% of its production.


    Brazil

    Brazil is one of the world’s most important deepwater oil and gas development regions. CNOOC Limited holds a 10% interest in Libra PSC, a deepwater pre-salt project in Brazil. The oilfield is located in the Santos Basin. In addition, CNOOC Limited holds a 5% interest in Búzios Surplus project in Brazil, a deepwater pre-salt project. Production from the project has been booked since September 2021.

    The Mero oilfield in the northwest area of the Libra project includes four production units, namely Mero 1, Mero 2, Mero 3 and Mero 4. The output of the extended trial production remained stable in 2021. The final investment decisions for Mero 1, Mero 2, Mero 3 and Mero 4 oilfields have been made, and the projects are expected to commence production in 2022, 2023, 2024 and 2025, respectively.

    In the future, we will fully leverage the development of the Libra project and Búzios Surplus project to seek new drivers of production growth.

    CNOOC Limited also holds 100% interest in block 592 in offshore Brazil, a 20% interest in the ACF Oeste block and a 30% interest in the Pau Brasil block.


    Guyana

    CNOOC Limited holds a 25% interest in the Stabroek block offshore Guyana.

    The Phase I of Liza oilfield in the block commenced production ahead of schedule in December 2019. Its daily net production reached approximately 25,000 BOE in the end of 2021. In February 2022, the Phase II of Liza oilfield has been put into production ahead of schedule with a peak production of 220,000 BOE/day expected. For the Payara oilfield, the Phase III of Liza oilfield, the final investment decision has been made and the government’s approval has been obtained. Payara oilfield is expected to commence production in 2024.

    In 2021, 6 new discoveries including Uaru-2, Longtail-3, Whiptail, Pinktail, Turbot-2 and Cataback-1 have been made in the Stabroek block. Currently, the recoverable resources in the block have exceeded 10 billion BOE. The total production of the block is expected to reach 800,000 BOE/day in 2025.


    Argentina

    CNOOC Limited holds a 50% interest in BC and makes joint decisions on its management. BC holds a 50% interest in Pan American Energy Group in Argentina.

    In 2021, the daily net production of BC reached approximately 52,000 BOE.


    Other Regions in South America

    The Company also holds interests in several exploration and production blocks in Colombia.


    Europe

    In Europe, CNOOC Limited holds interests in oil and gas fields such as Buzzard and Golden Eagle in the U.K. North Sea, and holds a 10% equity interest in Arctic LNG 2 LLC in Russia. As of the end of 2021, the Company’s reserves and production derived from Europe reached 66.1 million BOE and 43,232 BOE/day, respectively, representing approximately 1.2% of the Company’s total reserves and approximately 2.8% of its production.


    The U.K.

    The U.K. is one of the key overseas development areas for the Company. The Company’s asset portfolio in the U.K. North Sea comprises of producing projects and development and exploration projects, which mainly include: a 43.21% interest in the Buzzard oilfield, one of the largest oilfields in the North Sea, and a 36.5% interest in the Golden Eagle oilfield.

    Buzzard and Golden Eagle oilfields are making considerable contributions to the Company’s production. In 2021, the Buzzard oilfield’s daily net production reached approximately 27,000 BOE. In addition, Buzzard oilfield Phase II has commenced production in November 2021.

    The Company also holds a 50% exploration interest in P2215 block in the U.K. North Sea, and completed the drilling of two appraisal wells in Glengorm in 2021.

    In addition, the Company holds a 37.5% interest in P2415 block in the U.K. West Shetland Basin.

    For CNOOC U.K. Marketing LTD Tax Strategy, please click here.


    Russia

    The Company owns a 10% interest in Arctic LNG 2 LLC. The project is located in the Gydan Peninsula in the Arctic region of Russia. Three LNG production trains are planned and are expected to start production in 2023, 2024 and 2025, respectively. It is expected to produce 19.8 million tons of LNG annually after full operation.