(Hong Kong, December 10, 2014) - CNOOC Limited (the “Company”, NYSE: CEO,
SEHK: 00883, TSX: CNU) announced today that its parent company, China National
Offshore Oil Corporation (“CNOOC”), has signed three production sharing
contracts (PSCs) with KUFPEC (China) Inc. (“KUFPEC”) for Blocks 52/22、52/26 and
63/13 in the South China Sea.
The three blocks mentioned above are located in the Qiongdongnan Basin of the
South China Sea. Block 52/22 covers a total area of 1,896 square kilometers, and
has a water depth of 60-300 meters; Block 52/26 covers a total area of 1,783
square kilometers, and has a water depth of 80-160 meters; Block 63/13 covers a
total area of 698 square kilometers, and has a water depth of 80-140 meters.
According to the terms of the PSCs, CNOOC shall act as the operator of the
three blocks mentioned above. Expenditures incurred during the exploration
period will be borne by CNOOC and KUFPEC in a proportion of 20% and 80% of
participating interest, respectively. Both parties will conduct 3D seismic data
surveys and will drill exploration wells. Once entering the development phase,
CNOOC has the right to participate in up to 70% of the working interest in any
commercial discoveries in the blocks. After signing the abovementioned PSCs,
CNOOC will assign all of its rights and obligations under such contracts, except
for those relating to CNOOC’s administrative functions, to CNOOC China Limited,
a subsidiary of CNOOC Limited.
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 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 its 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 2013 Annual Report on Form 20-F filed on April 17 ,2014..
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.
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For further enquiries, please contact:
Ms. Michelle Zhang Deputy Manager, Media / Public Relations CNOOC Limited Tel: +86-10-8452-6642 Fax: +86-10-8452-1441 E-mail: MR@cnooc.com.cn