(Hong Kong, February 21 2007) - CNOOC Limited (the "Company" or "CNOOC Ltd."; NYSE: CEO; SEHK: 883) announced today its decision to provide advanced payment for the new jacket construction of the Pan Yu ("PY") 30-1 project, with an aim to accelerate the start-up of the PY30-1 gas field.
On June 26, 2006, the Company announced the partial deformation of the underwater structure of the jacket for the PY30-1 project, which was discovered during an examination.
To ensure a safe and timely progress of the project, the Company has completed the dismantlement of the modules on the top of the jacket, and has been actively evaluating feasible solutions in order to speed up the production plan of the PY 30-1 gas field.
Currently, the Company is working with relevant parties on the Construction All Risks (CAR) insurance compensation of the project.
Mr. Liu Jian, Executive Vice President of the Company, said, "We believe an accelerated start-up of PY 30-1 is in the best interests of the Company and its shareholders as a whole. Our decision to provide advanced payment for the new jacket construction also evidences that we are a responsible corporation."
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