Hong Kong, Aug. 5 /Xinhua-PRNewswire-FirstCall/ -- CNOOC Limited (NYSE: CEO, SEHK: 883, "the Company") announced today that its parent -- China National Offshore Oil Corporation ("CNOOC") has signed a Production Sharing Contract (PSC) with Singapore Petroleum Company Limited (SPC) for block 26/18.
The block 26/18 is located in Pearl River Mouth Basin. The block covers a total area of 4,961 square kilometers, with water depth of 85 - 200 meters.
Under the terms of the contract, SPC will conduct 2D seismic survey and exploration drilling.
All expenditures incurred during exploration period will be borne by SPC. CNOOC Ltd. has the right to participate in up to 51% interests in the event of any commercial discovery in the block.
Mr. Zhu Weilin, Vice President of the Company and General Manager of exploration department commented, "There's great interest in exploring the potential offshore China, so we could keep continuous flow of new projects for joint exploration of oil and gas resources".
The PSC for the 26/18 is the first cooperation between CNOOC Ltd. and SPC.
Notes to Editors:
More information about the Company is available at http://www.cnoocltd.com .
This press release contains statements that are not historical facts, including statements about beliefs and expectations of the directors of the Company on the Company and its development and future plans. These forward-looking statements reflect the directors' current views with respect to future events and are not a guarantee of future performance, and therefore shareholders and potential investors should not place undue reliance on them. The directors of the Company undertake no obligation to update or revise publicly any of these forward-looking statements, whether in light of new information, future events or otherwise. Forward-looking statements involve inherent risks and uncertainties. Shareholders and potential investors are cautioned that a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, changes in the Chinese economic, political and social conditions and government policies and in the oil and gas industry.
For further enquiries, please contact:
Mr. Xiao Zongwei
General Manager of Investor Relations
CNOOC Limited
Tel: +86-10-8452-1646
Fax: +86-10-8452-1441
Email: xiaozw@cnooc.com.cn
Ms. Carol Wong
Account Manager
Ketchum Hong Kong
Tel: +852-3141-8098
Fax: +852-2510-8199
Email: carol.wong@knprhk.com
