HONG KONG, Nov. 27 /Xinhua-PRNewswire-FirstCall/ -- CNOOC Limited (NYSE: CEO; HKEx: 883, "the Company") announced today that Platform C of Phase II of Penglai (PL) 19-3 has come on stream successfully.
This is the first Wellhead Platform starting production in Phase II development of PL19-3. The development facilities in Phase II of PL19-3 include: 5 wellhead platforms, a central processing facility and a world-class FPSO, with a designed processing capacity of 190,000 barrels of oil per day.
PL19-3 oil field is located in Block 11/05 in Bohai Bay, the largest oil field offshore China currently. The field is jointly developed by CNOOC Ltd. and ConocoPhillips China Inc. (COPC). CNOOC Ltd. holds 51% interest of PL 19-3 and the Operator, COPC holds the rest 49%.
Phase I of PL 19-3 has started production successfully in December 2002.
Mr. Liu Jian, Executive Vice President of the Company commented, "With joint efforts of the Company and our partner COPC, the successful startup of Platform C indicated an important progress in development of Phase II of PL 19-3 oil field. Our continuing mutual cooperation will facilitate production of PL 19-3 on full scale at an early date."
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 2006 Annual Report on Form 20-F filed on June 29, 2007.
For further enquiries, please contact:
Mr. Xiao Zongwei
General Manager of Investor Relations Department
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