Stocks in play: CNOOC Limited

Announced today that Caofeidian 11-6 oilfield expansion project and Kenli 16-1 oilfield have commenced production. Caofeidian 11-6 oilfield expansion project is located in the west of Bohai Sea, with average water depth of about 23 metres. In addition to fully utilizing the existing processing facilities of Caofeidian 11-6 oilfield, the project has built a new unmanned wellhead platform. A total of nine development wells are planned, including seven production wells and two water injection wells. The project is expected to reach its peak production of approximately 4,600 barrels of crude oil per day in 2022. CNOOC Limited shares T.CNU are trading unchanged at $120.50.

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