(Hong Kong, September 24, 2007) - CNOOC Limited (NYSE: CEO, SEHK: 883, “the Company") announced today that PhaseⅡof Southeast Sumatra (SES) Gas Project has started production. CNOOC SES Ltd., a CNOOC Ltd. subsidiary, acts as the Operator. The contractual gas delivery rate of PhaseⅡis 78.4 million cubic feet (approximately 2.22 million cubic meters) per day.
The project is located about 120 kilometers offshore West Java in Indonesia, with an average water depth of 30 meters. The development facilities in PhaseⅡinclude one production/processing platform, one gas plant, one gas compression/ processing platform and three sub-sea pipelines. The natural gas produced will mainly be supplied to the power plant of the state utility company PT Perusahaan Listrik Negara (PLN).
Mr. Liu Jian, Executive Vice President of the Company expressed: “The successful startup of SES gas project Phase Ⅱnot only boost the Company’s overseas gas production, but also facilitate our growth with local communities by supplying more clean energy. "
CNOOC Ltd. holds 65.5% interest of Southeast Sumatra PSC and acts as the Operator. The PSC partners include INPEX Sumatra, Ltd., KNOC Sumatra Ltd., Orchard Energy Sumatra BV, Fortuna Resources (Sunda) Ltd., Talisman UK (Southeast Sumatra) Ltd. and Talisman Resources (Bahamas) Ltd.
Phase Ⅰof the project has commenced production in 2006.
Notes to Editors:
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 “believe”, “intend”, “expect”, “anticipate”, “project”, “estimate”, “plan”, “predict” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by us that we believe are reasonable under the circumstances. However, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance and financial condition to differ materially from our expectations. For a description of these and other risks and uncertainties, please see the documents we file from time to time with the United States Securities and Exchange Commission, including our 2006 Annual Report on Form 20-F filed on July 5, 2007.
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