CNOOC Limited, an upstream company, engages in the exploration, development and production of oil and natural gas. Proved Reserves As of December 31, 2015, the company had proved reserves of 4,315.5 million billion barrels-of-oil equivalent (BOE), including 2,215.0 million barrels of crude oil, 815.3 million barrels of synthetic oil and 7,569.8 billion cubic feet of natural gas. Offshore China Bohai The operation area in Bohai is mainly shallow water with a depth of 10 to 30 meters. In 2015, the company made seven discoveries in Bohai, namely Penglai 7-6, Luda 16-3, Caofeidian 6-1, Penglai 31-3 South, Bozhong 29-4 West, Nanbao 35-2 South and West Bozhong 34-1 North. Results were made in frontier exploration in Miaoxinan Uplift; light crude oil discovery was made in Guantao Group in Southeast Ring of Dabozhong and contributed to the sustainable development of the Company. In addition, the company appraised 13 oil and gas structures, including Caofeidian 6-4, Bozhong 34-9, Luda 16-3, Luda 16-3 South, Bozhong 34-1 North, Bozhong 29-1, Qinhuangdao 27-3, Kenli 10-1, Caofeidian 6-1, Bozhong 26-3, Jinzhou 20-5, Bozhong 26-3 and Bozhong 19-4. Among which, Caofeidian 6-4, Luda 16-3/Luda 16-3 South and Bozhong 34-9 structures were proved to be mid-to-large sized oilfields after appraisals. Western South China Sea Western South China Sea is one of the primary natural gas production areas for the company. The typical water depth of the company’s operation area in this region ranges from 40 to 120 meters. In 2015, the company made five new independent discoveries in Western South China Sea, namely Wushi 16-1 West, Wushi 17-5, Wushi 16-9, Lingshui 18-1 and Lingshui 18-2. Of which, Lingshui 18-2 is a new natural gas discovery obtained from the new layer of the central valley channels and was tested with high production capacity. Five appraisals were made, namely Wushi 16-9, Wushi 16-1 West, Weizhou 6-8, Wushi 17-5 and Lingshui 25-1. Of which, Lingshui 25-1 was confirmed to be a mid-to-large sized natural gas structure after appraisal; integration of exploration and development was promoted in Wushi Trough, with Wushi 16-9, Wushi 16-1 West and Wushi 17-5 being successfully appraised, improving the value of regional development. Eastern South China Sea Eastern South China Sea is one of the company’s primary crude oil producing areas. The typical water depth of the company’s operation area in this region ranges from 100 to 300 meters. The crude oil produced is of light to medium gravity. In 2015, the company made favorable results in rolling and expanding exploration in the North Slope of East Sag in Baiyun Trough. Two independent discoveries were made, namely Liuhua 20-2 and Liuhua 21-2, improving the overall efficiency of exploration and development in the region. In addition, two appraisals were made, namely Liuhua 28-2 and Lufeng 14-4. East China Sea The typical water depth of the company’s operation area in the East China Sea region is approximately 90 meters. Overseas Asia (excluding China) The company holds oil and gas assets mainly in Indonesia and Iraq. Indonesia As of December 31, 2015, the company’s asset portfolio in Indonesia consisted of three development and production blocks and a block under construction, among which, the company acted as the operator for the Southeast Sumatra block, while the Madura Strait PSC was a joint operation block. In addition, the company, as a non-operator, also holds working interests in the production sharing contracts in Malacca PSC. The company owns approximately 13.90% interest in the Tangguh LNG project in Indonesia. Iraq The company holds 63.75% participating interest in the technical service contract of Missan oilfields in Iraq and acts as the lead contractor of these oilfields. Oceania The company’s oil and gas assets in Oceania are mainly located in Australia and Papua New Guinea. Australia The company owns 5.3% interest in the Australian North West Shelf LNG project. The project has commenced production and is supplying gas to end-users, including the Dapeng LNG Terminal in Guangdong, China. The company also owns one exp
cnooc ltd-spon adr (NC2A:Frankfurt)
Bank of China Tower
1 Garden Road
Phone: 852 2213 2500
Fax: 852 2525 9322www.cnoocltd.com
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