OREANDA-NEWS. January 11, 2013. CNOOC Limited (the “Company”, NYSE: CEO, SEHK: 00883) announced that Panyu 4-2/5-1 oil field adjustment project and Liuhua 4-1 oil field located in the Pearl River Mouth Basin of South China Sea, successfully commenced production, reported the press-centre of CNOOC.

Panyu 4-2/5-1 oil field has an average water depth of about 100 meters. The adjustment project was designed to share the existing facilities to develop Panyu 4-2/5-1 oil field more effectively. The adjustment project was expected to hit its peak production in 2014.

The Company holds 75.5% interest and acts as the Operator of Panyu 4-2/5-1 oil field. Our partner Burlington Resources China holds the remaining 24.5% interest.

Liuhua 4-1 oil field has an average water depth of about 268 meters. In view of the features of the oil field, the Company built a new subsea production system while sharing the surrounding facilities for overall development. This project is expected to hit its peak production in 2013.

Liuhua 4-1 is an independent oil field in which the Company holds 100% interest and acts as the Operator.