(Hong Kong, October 25, 2013) - CNOOC Limited (the “Company”, NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that the first production from the Rochelle gas-condensate field in the UK North Sea has commenced. At Rochelle field, Nexen Petroleum U.K. Ltd. (“Nexen UK”), a wholly-owned subsidiary of the Company, acts as the field operator.
The Rochelle field in Blocks 15/26b, 15/26c and 15/27 lies approximately 115 miles northeast of Aberdeen. The field development consists of the construction of two subsea production wells (East and West Rochelle) and the installation of a production pipeline to the Scott platform.
Initial production is from West Rochelle. Drilling continues on East Rochelle, which is expected to be on-line during the fourth quarter of this year. All production from Rochelle will be processed at the Nexen UK-operated Scott platform.
At Rochelle field, Nexen UK has 41% interest, with other partners being Endeavour International Corporation (44%) and Premier Oil (15%). Nexen UK has a 41.9% working interest in the Scott platform.
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Notes to Editors:
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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 analysis made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes reasonable under the circumstances. However, whether actual results and developments will meet the Company¡¯s expectations and predictions depends on a number of risks and uncertainties which could cause the actual results, performance and financial conditions 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 Company can complete on schedule pursuant to its 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 has filed from time to time with the United States Securities and Exchange Commission, including 2012 Annual Report on Form 20-F filed on April 24, 2013.
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 realized or, even if substantially realized, that they will have the expected effect on the Company, its business or operations.
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