HONG KONG, Dec. 12 /Xinhua-PRNewswire-FirstCall/ -- CNOOC Limited
(the "Company" or "CNOOC Ltd."; NYSE "CEO", SEHK "883") announced today that
its parent company, China National Offshore Oil Corporation ("CNOOC") has
signed two production sharing contracts (PSC) with Devon Energy Corporation
("Devon", NYSE: DVN) for deepwater blocks 64/18 and 53/30.
Block 64/18, located in Qiong Dong Nan Basin in the Western South China
Sea, covers a total area of 7,712 square kilometers. The other block 53/30
covers approximately 6,313 square kilometers in the Pearl River Mouth Basin.
Water depth of the two blocks ranges from 300 to 2000 meters.
Under the terms of the contracts, Devon is committed to conduct 2-D
seismic survey and wildcat drilling during the 8-year exploration period in
the two blocks.
All expenditures incurred during exploration period will be borne by
Devon. CNOOC Ltd. has the right to participate in up to 51% interests in
the event of any commercial discovery in the two blocks.
Mr. Zhu Weilin, Vice President of the Company and General Manager of
exploration department commented, "With the breakthrough in Liwan 3-1, we
are very confident in the resource potential of deepwater area offshore
China. We hope Devon will continue its success story in pursing offshore
China's opportunities."
In December 2005, CNOOC and Devon inked a PSC on deepwater block 42/05.
Up to now, CNOOC has signed ten deepwater contracts with foreign companies.
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
Ketchum Newscan Public Relations Ltd
Tel: +852-3141-8098
Fax: +852-2510-8199
Email: carol.wong@knprhk.com
