(Hong Kong, March 17, 2025) CNOOC Limited (the “Company”, SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announces that Caofeidian 6-4 Oilfield Comprehensive Adjustment Project and Wenchang 19-1 Oilfield Phase II Project have commenced production.

Caofeidian 6-4 Oilfield Comprehensive Adjustment Project is located in the western part of the Bohai Sea, with an average water depth of approximately 20 meters. The main production facility is a new production wellhead platform, which leverages the adjacent existing facilities for development. 25 development wells are planned to be put into production, including 22 production wells and 3 water injection wells. The project is expected to achieve a peak production of approximately 11,000 barrels of oil equivalent per day in 2026. The oil property is light crude.

Caofeidian 6-4 Oilfield Comprehensive Adjustment Project

Wenchang 19-1 Oilfield Phase II Project is located in the western part of the Pearl River Mouth Basin, with an average water depth of approximately 125 meters. The main production facility is a new drilling and production platform, which also leverages the adjacent existing facilities for development. 13 development wells are planned to be put into production. The project is expected to achieve a peak production of approximately 12,000 barrels of oil equivalent per day in 2027. The oil property is medium crude.

Wenchang 19-1 Oilfield Phase II Project

CNOOC Limited is committed to building intelligent offshore oil and gas fields and developing oil and gas resources in a green and low-carbon manner, so that it could provide the society with clean, reliable, and stable energy supplies. The design concept of intelligent oil and gas fields were used in the two new projects. Some of the procedures, such as crude oil production, equipment maintenance, and safety management, were upgraded with intelligent technologies, to enhance the efficiency of hydrocarbon development. The associated gas of Caofeidian 6-4 Oilfield Comprehensive Adjustment Project is reinjected back into the reservoir with gas injection compressors, which will reduce carbon dioxide emissions by approximately 13,000 tons per year. Meanwhile, Wenchang 19-1 Oilfield Phase II Project utilizes a megawatt-level high-temperature flue gas ORC power generation unit, which is expected to generate up to 24 million kilowatt-hours of electricity and thus reduces carbon dioxide emissions by approximately 23,000 tons per year.

CNOOC Limited holds 100% interest in both Caofeidian 6-4 Oilfield Comprehensive Adjustment Project and Wenchang 19-1 Oilfield Phase II Project, and is the operator.