HONG KONG, May 18, 2018 /PRNewswire/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that
its parent company, China National Offshore Oil Corporation
(CNOOC), has signed two production sharing contracts (PSCs) with
Husky Oil Operations (China)
Limited (Husky) for Block 22/11 and 23/07 in the South China
Sea.
Block 22/11 and 23/07 are located in the Beibu Gulf of the South
China Sea. The Block 22/11 covers a total area of 1,663 square
kilometers with a water depth of 40-80 meters and the Block 23/07
covers a total area of 1,210 square kilometers with a water depth
of 20-40 meters.
According to the terms of the PSCs, Husky shall act as the
operator during the exploration period and conduct exploration
activities in the two blocks 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 participating interest in any commercial discoveries of the
blocks. After signing the above-mentioned PSCs, except for those
relating to CNOOC's administrative functions, CNOOC will assign all
of its rights and obligations under PSCs 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:
Ms. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894-6263
Fax: +852-2576-1990
E-mail: cnooc@hkstrategies.com
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SOURCE CNOOC Limited