Stock Code: 300191 Stock Abbreviation: CNOOC Energy Technology & Services Limited Announcement No.: 2026-037
CNOOC Energy Technology & Services Limited
Announcement on the Progress of Major Contracts in the Nanhai 22/05 Block
The Company and all members of its Board of Directors guarantee the truthfulness, accuracy, and completeness of the information disclosed herein, and are free of any false records, misleading statements, or material omissions.
I. Background
CNOOC Energy Technology & Services Limited (hereinafter referred to as "CNOOC Energy" or "the Company"), through its wholly-owned overseas subsidiary Smart Oil Investment Ltd. (English name: SMART OIL INVESTMENT LTD., hereinafter referred to as "Smart Oil"), has chosen to enter into oil contract negotiations with China National Offshore Oil Corporation (hereinafter referred to as "CNOOC") after completing the joint research work in the Nanhai 22/05 block of China. After extensive communication, the two parties reached a consensus on cooperation matters and officially signed a 30-year production sharing contract—the "China Nanhai 22/05 Contract Area Petroleum Contract" (hereinafter referred to as the "Petroleum Contract") on February 15, 2022. Smart Oil became the operator for exploration, development, and production operations in the contract area. According to the Petroleum Contract, Smart Oil enjoys 100% exploration rights in the block for a 6-year exploration period and will conduct detailed seismic data processing and interpretation, integrated seismic geological research, and oil and gas comprehensive evaluation, well location deployment, and drilling operations. If commercial oil and gas discoveries are made in the contract area, Smart Oil will enjoy 49% of the development rights, with a production period of 15 years.
II. Exploration Progress in the Contract Area
The Nanhai Weizhou 22/05 contract area follows the concept of "integrated exploration and development." By fully utilizing the Company's three core oil finding technologies and modern systematic oil and gas exploration theories, the first exploration well in the contract area, WZ10-11-1, was successfully drilled, confirming the oil-bearing nature and exploration potential of the Weizhou 10-11 structural belt, laying a solid foundation for the overall evaluation of the contract area. To further expand exploration results and confirm the overall oil-bearing scale of the Weizhou 10-11 structural belt, providing key data support for subsequent reserve recalculation, development potential evaluation, and overall integrated exploration deployment, Smart Oil plans to deploy well WZ10-11E-1 in the low-lying area of the Weizhou 10-11 structural belt.