HONG KONG, June 20, 2014 /CNW/ - CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883, TSX: CNU) announced today that its parent company,
China National Offshore Oil Corporation (CNOOC) has signed production
sharing contract (PSC) with Eni China B.V. (Eni) for the Block 50/34 in
South China Sea.
Block 50/34 is located in the Qiongdongnan Basin of offshore Hainan
Island with a total area of 2,000 square kilometers, is one of the
blocks CNOOC offered for foreign cooperation in 2012.
According to the terms of the contract, Eni will conduct 3D seismic
survey and drill exploration well in Block 50/34 during the 6.5 years
exploration period. All expenditures incurred during the exploration
period will be borne by Eni. CNOOC Limited has the right to participate
in up to 51% working interest in any commercial discoveries in the
block.
Notes to Editors:
More information about the Company is available at http://www.cnoocltd.com.
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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 "expect",
"anticipate", "continue", "estimate", "objective", "ongoing", "may",
"will", "project", "should", "believe", "plans", "intends" and similar
expressions are intended to identify such forward-looking statements.
These statements are based on assumptions and analyses made by the
Company in light of its experience and its perception of historical
trends, current conditions and expected future developments, as well as
other factors the Company believes are appropriate under the
circumstances. However, whether actual results and developments will
meet the expectations and predictions of the Company depends on a
number of risks and uncertainties which could cause the actual results,
performance and financial condition to differ materially from the
Company's expectations, including those associated with fluctuations in
crude oil and natural gas prices, the exploration or development
activities, the capital expenditure requirements, the business
strategy, whether the transactions entered into by the Group can
complete on schedule pursuant to its terms and timetable or at all, the
highly competitive nature of the oil and natural gas industries, the
foreign operations, environmental liabilities and compliance
requirements, and economic and political conditions in the People's
Republic of China. For a description of these and other risks and
uncertainties, please see the documents the Company files from time to
time with the United States Securities and Exchange Commission,
including the 2013 Annual Report on Form 20-F filed on 17 April 2014.
Consequently, all of the forward-looking statements made in this press
release are qualified by these cautionary statements. The Company
cannot assure that the results or developments anticipated will be
realised or, even if substantially realised, that they will have the
expected effect on the Company, its business or operations.
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SOURCE CNOOC Limited
