HONG KONG, July 3, 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 a production sharing contract (PSC) with Roc
Oil (Bohai) Company (Roc Oil) and Smart Oil Investment Ltd. (Smart
Oil) for Weizhou 10-3W oilfield and Block 22/04 (contract area) in
the South China Sea.
Weizhou 10-3W oilfield and Block 22/04 are located in the Beibu
Gulf Basin of the South China Sea. The Weizhou 10-3W oilfield
covers a total area of 18 square kilometers with a water depth of
40 meters and the Block 22/04 covers a total area of 80 square
kilometers with a water depth of 40-80 meters.
According to the terms of the PSC, Roc Oil and Smart Oil shall
act as the joint operator of the contract area. Roc Oil and Smart
Oil shall conduct the development operation of Weizhou 10-3W
oilfield in proportion to their participating interests (Roc Oil
35% and Smart Oil 25%) and CNOOC participates in with the rest 40%.
During the exploration phase of Block 22/04, Smart Oil and Roc Oil
shall bear all exploration expenditures incurred in proportion to
their participating interests (Smart Oil 65% and Roc Oil 35%). 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 22/04. 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 the 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:
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