HONG KONG, July 10, 2019
/PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE:
CEO, TSX: CNU) announced today that CNOOC China Limited, its
subsidiary, has signed a Cooperation Framework Agreement with China
Petroleum & Chemical Corporation ("Sinopec Corp.") regarding
the sea areas of Bohai, Beibu Gulf and South Yellow Sea, as well as
North Jiangsu Basin.
The Cooperation Framework Agreement will be implemented in three
years through joint study, joint exploration and facility sharing
in multiple sea areas. Under the framework, both parties have
signed three joint study agreements, namely, "Joint Study Agreement
on Bohai Basin", "Joint Study Agreement on North Jiangsu Basin and South Yellow Sea
Basin" and "Joint Study Agreement on Beibu Gulf Basin." Both
parties will share data and carry out innovative joint studies in
the Yellow River Mouth Sag, the Qingdong Sag and the eastern part
of Bodong Sag in the Bohai Basin, as well as southwestern Weizhou
and Xuwen areas of Beibu Gulf Basin, the North Jiangsu Basin and the blocks in eastern
South Yellow Sea Basin (involving 19 prospecting rights and
approximately 26,900 sq. km altogether). The expenditures incurred
for the joint studies shall not be recovered from the costs of any
petroleum contract that may be signed in the future. During the
joint study period, the exploration, development and production
operation of both parties in their respective prospecting rights
areas will not be affected.
This cooperation will promote the distribution of sedimentary
facies belts and enhance the understanding of the regularity of
hydrocarbon accumulation in cooperative blocks and potential
structures in the basins in order to make the optimization of
potential exploration zones and targets more scientific, reduce
exploration risks and improve the success rate of exploration
wells.
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. Ada Leung
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
E-mail: CNOOC@hkstrategies.com
Logo -
http://photos.prnasia.com/prnh/20150819/8521505396LOGO
View original
content:http://www.prnewswire.com/news-releases/cnooc-china-limited-signs-cooperation-framework-agreement-with-sinopec-corp-300882408.html
SOURCE CNOOC Limited