HONG KONG, Feb. 10, 2015 /CNW/ -- CNOOC Limited (the
"Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that
its parent company, China National Offshore Oil Corporation
(CNOOC), has signed two production sharing contracts (PSCs) with SK
Innovation Co., Ltd. (SK) for Blocks 04/20 and 17/03 in the South
China Sea.
The two blocks mentioned above are located in the Pearl River
Mouth Basin. Block 04/20 covers a total area of 5,138 square
kilometers and has a water depth of 50-100 meters. Block 17/03
covers a total area of 7,686 square kilometers and has a water
depth of 50-100 meters. Both blocks are included in CNOOC's Open
Blocks in Offshore China for the year 2012.
According to the terms of the PSCs, SK shall act as the operator
of the two blocks mentioned above. The exploration costs required
for the exploration operations will be borne by CNOOC and SK in a
proportion of 20% and 80% of participating interest, respectively.
Both parties will conduct 2D seismic data surveys and will drill
exploration wells. Once entering the development phase, CNOOC
has the right to participate in up to 60% of the working
interest in any commercial discoveries in the blocks. After signing
the above-mentioned PSCs, CNOOC will assign all of its rights and
obligations under such contracts, except for those relating to
CNOOC's administrative functions to CNOOC China Limited, a
subsidiary of CNOOC Limited.
Notes to Editors:
More information about the Company is available at
http://www.cnoocltd.com.
This press release includes "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995, including statements regarding expected future
events, business prospectus or financial results. The words
"expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify such
forward-looking statements. These statements are based on
assumptions and analyses made by the Company in light of its
experience and its perception of historical trends, current
conditions and expected future developments, as well as other
factors the Company believes are appropriate under the
circumstances. However, whether actual results and developments
will meet the expectations and predictions of the Company depends
on a number of risks and uncertainties which could cause the actual
results, performance and financial condition to differ materially
from the Company's expectations, including those associated with
fluctuations in crude oil and natural gas prices, the exploration
or development activities, the capital expenditure requirements,
the business strategy, whether the transactions entered into by the
Group can complete on schedule pursuant to its terms and timetable
or at all, the highly competitive nature of the oil and natural gas
industries, the foreign operations, environmental liabilities and
compliance requirements, and economic and political conditions in
the People's Republic of China.
For a description of these and other risks and uncertainties,
please see the documents the Company files from time to time with
the United States Securities and Exchange Commission, including the
2013 Annual Report on Form 20-F filed on April 17, 2014.
Consequently, all of the forward-looking statements made in this
press release are qualified by these cautionary statements. The
Company cannot assure that the results or developments anticipated
will be realized or, even if substantially realized, that they will
have the expected effect on the Company, its business or
operations.
For further enquiries, please contact:
Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-6642
Fax: +86-10-8452-1441
E-mail: MR@cnooc.com.cn
Ms. Cathy Zhang
Hill+Knowlton Strategies Asia
Tel: +852-2894 6211
Fax: +852-2576 1990
E-mail: cathy.zhang@hkstrategies.com
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SOURCE CNOOC Limited