HONG KONG, Feb. 21 /Xinhua-PRNewswire-FirstCall/ -- 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. "
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
