HONG KONG,
Dec. 3, 2015 /CNW/ --
CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX:
CNU) announced today that its parent company, China National
Offshore Oil Corporation (CNOOC), has signed production sharing
contract (PSC) with Husky Oil Operations (China) Limited (Husky) for Block 15/33 in the
South China Sea.
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Block 15/33 is located in the Pearl River Mouth Basin of
the South China Sea. The block covers a total area of 155 square
kilometers with a water depth of 80-100 meters, the block is one of
the blocks CNOOC offered for foreign cooperation in
2014.
According to the terms of the PSC, Husky shall act as the
operator during the exploration period and conduct exploration
activities in the block mentioned above, in which all expenditures
incurred will be borne by Husky. Once entering the development
phase, CNOOC has the right to participate in up to 51% of the
working interest in any commercial discoveries of the block. After
signing the above-mentioned PSC, except for those relating to
CNOOC's administrative functions, CNOOC will assign all of its
rights and obligations under PSC 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 but not limited to 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
their 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 2014 Annual Report on Form 20-F filed on
22 April 2015.
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 realised or, even if substantially realised,
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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cnooc-signs-psc-with-husky-300187494.html
SOURCE CNOOC Limited