CNOOC Makes Wildcat Discovery in Bohai Bay

CNOOC has made an oil discovery with the exploration well JZ 21-1S-1.

Located on JZ21-1 south structure in Liaozhong Sag in Bohai Bay, Well JZ21-1S-1 was drilled to a total depth around 2400 meters in 20 meters of water. On 7.94mm and 7.14mm chokes, the well flowed about 700 and 500 barrels of oil equivalent per day respectively during two drill stem tests.

Mr. Zhang Guohua, the Senior Vice President of the Company commented, "JZ21-1S-1 underscores the strength of our exploration portfolio in Bohai Bay. We are encouraged by the preliminary results of the well."

The Company acts as the operator and owns 100% interest of the discovery.