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CNOOC Limited Expands Overseas Exploration to Kenya
(Hong Kong, April 28, 2006) - CNOOC Limited (¡°the Company", NYSE: CEO, SEHK: 883,) announced today that its subsidiary, CNOOC Africa Limited has signed production sharing contracts (PSCs) for six blocks in Kenya.
These six PSCs cover blocks named Block 1, Block 9, Block10A, L2, L3, and L4 in Kenya. The blocks are located in three basins of LAMU¡¢ANZA¡¢MANDERA, with a total area of 115,343 square kilometers.
Signing of these six PSCs indicates CNOOC Limited has successfully extended its overseas exploration activities to East Africa. This vast area has attractive untapped exploration potential, although it is not yet a mature oil and gas producing area. The exploration period of the PSCs will be divided into three phases. During the period, the Company will take on an amount of work commitment.
Mr.Zhu Mingcai, Vice President of the Company and General Manager of CNOOC International Limited said, ¡°Growing exploration acreages are important for E&P companies. I believe that our presence in Kenya will be a significant step in pursuit of that target.¡±
Mr Fu Chengyu, Chairman and CEO of the Company commented, ¡±I am pleased to see the successful signing of these agreements. Signing of PSCs in a friendly country in Africa, such as Kenya, will likely facilitate our long-term growth potential.¡±