CNOOC Bohai new oilfield starts production.(China National Offshore Oil Corp.)

China Chemical Reporter, October, 2006

CNOOC announced on October 12th that its 17-2 East Oilfield located in Qikou of the Bohai Sea started production. The oilfield can produce more than 2 400 barrels of crude oil a day. The project is located in the west of the Bohai Sea with an average water depth of 5-7m. CNOOC holds 100% equity in the project.

The Bohai Bay is one of the most important offshore oil/gas reservoirs in China. By the end of 2005, the total proven oil/ gas reserves CNOOC acquired in the Bohai Bay reached more than 1.0 billion barrels oil equivalent.