CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today Egina Field, located in deepwater offshore Nigeria, has commenced production.
The Egina Field is located in around 1600 meters of water depths, 150 Kilometers off the coast of Nigeria. The field development consists of a Floating Production Storage and Offloading (FPSO) unit and a Subsea Production System. The project is expected to reach its peak production of approximately 200,000 barrels of crude oil per day in 2019.
Initially discovered in 2003, the Egina field is the second development in production on the Oil Mining Lease (OML) 130 following the Akpo field which started-up in 2009. Mr. Yuan Guangyu, CEO of the Company said, "The successful commencement of production of Egina Field will strongly support the high-quality development of the Company and become a new growth driver to our overseas production."
CNOOC E&P Nigeria Limited, a wholly-owned subsidiary of CNOOC Limited, holds 45% interest of OML 130 block, in partnership with the Nigerian National Petroleum Corporation (NNPC). TOTAL Upstream Nigeria Limited which holds 24% interest is the operator, while Petrobras Oil and Gas BV holds 16% interest and South Atlantic Petroleum-SAPETRO holds 15% interest.