CNOOC Inks New PSC with Newfield
December 12 2005 - 3:50AM
PR Newswire (US)
HONG KONG, Dec. 12 /Xinhua-PRNewswire-FirstCall/ -- CNOOC Limited
(the "Company" or 'CNOOC Ltd.'; NYSE: CEO; SEHK: 883) announced
today that its parent company, China National Offshore Oil
Corporation ('CNOOC') has entered into a new production sharing
contract (PSC) for block 17/08 in the Pearl River Mouth Basin of
the Eastern South China Sea with Newfield Exploration Company
('Newfield'; NYSE: NFX). Block 17/08 is located about 180
kilometers offshore Hong Kong. It covers a total area of 7,108
square kilometers with water depth ranging from 150 to350 meters.
Newfield is committed to conduct 3-D seismic survey and wildcat
drilling during the exploration period, which is divided into 3
phases. Under the terms of the contract, all expenditures incurred
during exploration period will be borne by Newfield. CNOOC Ltd. has
the right to participate in up to a 51% interests in the event of
any commercial discovery in the block. In addition, a Survey
Agreement has been signed between the parties on block 16/05. The
block, with an area of 2,064 square kilometers, is also located in
the same basin. According to the Survey Agreement, Newfield will
acquire 3-D seismic data within the block. Mr. Zhu Weilin, Vice
President of the Company and General Manager of exploration
department commented, 'I am pleased to know that Newfield has
entered into a PSC contract for block 17/08 and a Survey Agreement
for block 16/05 with CNOOC. Hope they will achieve great success in
the exploration in Pearl River Mouth Basin.' Notes to Editors:
CNOOC LIMITED - BACKGROUND CNOOC Limited (the 'Company', together
with its subsidiaries, the 'Group', 'the Company' or 'CNOOC') --
Incorporated in Hong Kong in August 1999, CNOOC Limited was listed
on the New York Stock Exchange ('NYSE') (code: CEO) and The Stock
Exchange of Hong Kong Limited ('HKSE') (code: 0883) on 27 and 28
February 2001, respectively. The Company was admitted as a
constituent stock of the Hang Seng Index in July 2001. The Group is
China's largest producer of offshore crude oil and natural gas and
one of the largest independent oil and gas exploration and
production companies in the world. The Company mainly engages in
offshore oil and natural gas exploration, development, production
and sales. The Company has four major oil production areas offshore
China which are Bohai Bay, Western South China Sea, Eastern South
China Sea and East China Sea. It is the largest offshore oil
producer in Indonesia. The Group also has certain upstream assets
in regions such as Australia. As at 31 December 2004, the Company
owned net proved reserves of approximately 2.2 billion
barrels-of-oil equivalent and its annual daily average net
production was 382,513 barrels-of-oil equivalent per day. The Group
has 2,524 employees. CNOOC LIMITED - Relationship with its parent
company, CNOOC CNOOC Limited, incorporated in Hong Kong, is a
70.64% held subsidiary of China National Offshore Oil Corporation
('CNOOC'). CNOOC Limited is the sole vehicle through which CNOOC
carries out oil and gas exploration, development, production and
selling activities offshore China and internationally. CNOOC, the
parent company, is involved in the administrative, research and
services functions for the People's Republic of China's offshore
petroleum industry as well as other mid- or down-stream petroleum
projects. This press release contains statements that are not
historical facts, including statements about beliefs and
expectations of the directors of CNOOC Limited (the 'Company').
These forward-looking statements are based on current plans,
estimates and projections, and therefore you should not place undue
reliance on them. Forward-looking statements speak only as of the
date they are made, and the directors of the Company undertake no
obligation to update publicly any of them in light of new
information or future events. Forward-looking statements involve
inherent risks and uncertainties. You are cautioned that a number
of important factors could cause actual results to differ
materially from those contained in any forward-looking statement.
Such factors include, but are not limited to, changes in the PRC
economic, political and social conditions as well as government
policies. For further enquiries, please contact: Mr. Xiao Zongwei
General Manager of Investor Relations CNOOC Limited Tel:
+86-10-8452-1646 Fax: +86-10-8452-1441 Email: Ms. Sharon Fung
Ketchum Newscan Public Relations Ltd Tel: +852-3141-8082 Fax:
+852-2510-8199 Email: DATASOURCE: CNOOC Limited CONTACT: Mr. Xiao
Zongwei of CNOOC Limited, +86-10-8452-1646, or fax,
+86-10-8452-1441, or ; or Ms. Sharon Fung of Ketchum Newscan Public
Relations Ltd for CNOOC, +852-3141-8082, or fax, +852-2510-8199, or
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