Press Releases

Press Releases

The Contractor of CNOOC Ltd. Announced Problems of Partial Deformation of the Jacket for PY30-1 Project
Time:2006-06-26
Size:[   Large  Medium  Small  ]

(Hong Kong, June 26, 2006) - CNOOC Limited (NYSE: CEO, SEHK: 883, “the Company") announced today that its contractor, Offshore Oil Engineering Corporation Ltd (“Offshore Oil Engineering”), during the examination of the jacket by ROV, discovered partial deformation in parts of the underwater structure of the jacket for PY30-1 project.  Up to now, there has been no casualty or other damages of equipment because the problems were identified and measures have been taken in a timely manner.  According to preliminary analysis, this deformation has changed the safety factor of the jacket and has some impact on platform safety issue.

Offshore Oil Engineering has issued an announcement today regarding the above problems (http://cnoocengineering.com/yingwen/index_e.html).

Due to the complexity of the problems, Offshore Oil Engineering will organize experts to conduct further investigation and analysis.  Currently, Offshore Oil Engineering has started emergency plan and has taken active measures to prepare for a program for restoration.

To effectively minimize engineering risks, the Company has bought CAR (Construction All Risks) insurance for the engineering and installation operations of PY30-1 project.  This project is located in the Pearl River Mouth basin in Eastern South China Sea, about 240 kilometers southeast of Hong Kong.  The average water depth is around 200 meters.

Mr. Zhou Shouwei, President of the Company commented: “ We’ll work closely with Offshore Oil Engineering to ensure a timely and appropriate solution to the relevant engineering problems.  PY30-1 project is scheduled to come on stream next year, therefore, this incident won’t have significant impact on our production and operation this year.”

— End —

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 “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 2005 Annual Report on Form 20-F filed on June 27, 2006.

*** *** *** ***

For further enquiries, please contact:

Mr. Xiao Zongwei
Joint Company Secretary and General Manager of
Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1646
Fax: +86-10-8452-1441
E-mail: xiaozw@cnooc.com.cn
Ms. Sharon Fung
Ketchum Newscan Public Relations Ltd
Tel: +852-3141-8082
Fax: +852-2510-8199
E-mail: sharon.fung@knprhk.com

About Us
CNOOC Limited is a listed company on the Shanghai Stock Exchange and the Hong Kong Stock Exchange with stock codes of 600938 and 00883, respectively. The Company is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. The Company mainly engages in exploration, development, production and sale of crude oil and natural gas.

Address

  • Beijing office:
    No.25 Chaoyangmenbei Dajie,
    Dongcheng District, Beijing,
    100010, P.R. China
    Website: www.cnoocltd.com
  • Registered office:
    65/F, Bank of China Tower, 1
    Garden Road, Hong Kong
2025 CNOOC Limited. All rights reserved. Record number:Beijing ICP No. 18062853
|Site map|Contact|Disclaimer|CNOOC