HONG KONG, April 24, 2019 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that
its subsidiary, CNOOC China Limited, has signed a Petroleum
Contract with PetroChina Company Limited ("PetroChina") for Beibu
Gulf 23/29 Block and Beibu Gulf 24/11 Block ("Contract Area").
Beibu Gulf 23/29 Block and Beibu Gulf 24/11 Block are located in
the Fushan sag and Leidong sag of Beibu Gulf Basin in South China Sea respectively. Beibu Gulf 23/29
Block covers a total area of 980 square kilometers with a water
depth of 0-85 meters. Beibu Gulf 24/11 Block covers a total area of
464 square kilometers with a water depth of 20-40 meters.
According to terms of the Petroleum Contract, PetroChina shall
act as the operator during the exploration period in the Contract
Area and bear 70% of direct exploration expenditures; CNOOC China
Limited bears the other 30% of direct exploration expenditures. The
other exploration expenditures shall be borne by each party
separately and shall not be credited to the relevant joint account.
Once entering into the development and production phase, the two
parties, each with 50% participating interests of the Contract
Area, shall set up a joint operation organization to act as joint
operators.
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
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SOURCE CNOOC Limited