Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. Hong Kong
  4. Hong Kong Stock Exchange
  5. CNOOC Limited
  6. News
  7. Summary
    883   HK0883013259


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

CNOOC Limited Announces Buzzard Phase II Development Commenced Production

11/29/2021 | 03:47am EST

HONG KONG, Nov. 29, 2021 /CNW/ -- CNOOC Limited (the "Company", SEHK: 00883, TSX: CNU) announced today that the Buzzard Phase II development, offshore UK North Sea has safely commenced production.

Buzzard Phase II is located approximately 100 kilometers northeast of Aberdeen, United Kingdom with average water depth of approximately 96 meters. While fully utilizing the existing Buzzard facility, the project has also built a set of underwater production systems. 2 production wells and 2 water injection wells have been brought on stream. Buzzard Phase II is expected to reach its peak production of approximately 12,000 barrels of oil equivalent per day in 2022, increasing Buzzard's production to 80,000 BOEPD in total.

Mr. Xia Qinglong, President of CNOOC Limited said, "We are very pleased with the commencement of production at Buzzard Phase II. Constant development of the field will strongly promote the growth of the Company's overseas production in the future."

CNOOC Petroleum Europe Limited, a wholly owned subsidiary of CNOOC Limited, is the operator of Buzzard and has 43.21% interest. The remaining interests are held by Suncor Energy (29.89%), Harbour Energy (21.73%) and ONE-Dyas (5.16%).

- End -

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com.

*** *** *** ***

This press release includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements.

These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company's expectations, including but not limited to the Company and its controlling shareholder being listed in the list of the U.S. for sanction against companies with alleged ties to the Chinese military, those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, environmental responsibility and compliance requirements, the Company's price forecast, the exploration and development activities, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption, anti-fraud, anti-money laundering and corporate governance laws. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

*** *** *** ***

For further enquiries, please contact:

Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn

Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/cnooc-limited-announces-buzzard-phase-ii-development-commenced-production-301432729.html


© Canada Newswire, source Canada Newswire English

All news about CNOOC LIMITED
06:43aNY CRUDE BRIEF : Was Up Short of 0.4% at About US$87.65
01/26WTI Crude Oil Rises to a Seven-Year High on Potential Russia Sanctions; US Oil Inventor..
01/26March WTI Crude Oil Ends Up US$1.75; Settles at US$87.35 per Barrel
01/26Hess expects Bakken, Guyana to drive 12-15% oil production growth in 2022
01/26Oil Rises on Worries Over Russia Supply as Threat to Ukraine Continues; US Oil Inventor..
01/25CAMC Engineering Bags $594 Million Crude Oilfield Contract in Iraq; Shares Rise Nearly ..
01/21Asian prices fall amid Chinese LNG cargo sale tenders
01/21China's CNOOC tenders to sell May-November LNG cargoes -trade
01/20Hua Yang Swings to Loss in Fiscal Q3
01/17China Raises Retail Fuel Prices From Tuesday
More news
Analyst Recommendations on CNOOC LIMITED
More recommendations
Sales 2021 242 B 37 955 M 37 955 M
Net income 2021 72 649 M 11 410 M 11 410 M
Net Debt 2021 112 B 17 537 M 17 537 M
P/E ratio 2021 4,66x
Yield 2021 9,56%
Capitalization 341 B 53 965 M 53 553 M
EV / Sales 2021 1,87x
EV / Sales 2022 1,67x
Nbr of Employees 18 151
Free-Float -
Duration : Period :
CNOOC Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CNOOC LIMITED
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 23
Last Close Price 7,64 CNY
Average target price 10,12 CNY
Spread / Average Target 32,5%
EPS Revisions
Managers and Directors
Ke Qiang Xu Chief Executive Officer & Executive Director
Qing Long Xia President & Executive Director
Wei Zhi Xie Chief Financial Officer
Dong Jin Wang Chairman
Xiaonan Wu Joint Secretary & Compliance Officer
Sector and Competitors
1st jan.Capi. (M$)
CNOOC LIMITED17.19%53 965
EOG RESOURCES, INC.21.05%62 919