HONG KONG, Sept. 5, 2017 /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 SK
Innovation Co., Ltd. (SK) for Block 17/08 in the South China
Sea.
Block 17/08 is located in the Pearl River Mouth Basin. The block
covers a total area of 466 square kilometers with a water depth of
100-130 meters.
According to the terms of the PSC, SK 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 SK. Once entering the development phase, CNOOC has the
right to participate in up to 51% of the participating 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 Annual Report on Form 20-F filed in April
of the latest fiscal year.
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:
Mr. Yan Cao
Deputy General Manager, Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1417
Fax: +86-10-8452-1441
E-mail: caoyan@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax:+852-2576 1990
E-mail: hl.wong@hkstrategies.com
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SOURCE CNOOC Limited