HONG KONG, July 31, 2014 /CNW/ - CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883, TSX: CNU) announced today that its Panyu 10-2/5/8
project has commenced production.
Panyu 10-2/5/8 project is located in the Pearl River Mouth Basin of the
South China Sea with an average water depth of approximately 100
meters. This project includes 3 oilfields, Panyu 10-2, Panyu 10-5 and
Panyu 10-8 and was designed to share some facilities of Panyu 4-2
oilfield. The main newly-built production facilities include 1 wellhead
platform and 9 producing wells. Currently there are 4 wells producing
approximately 9,000 barrels per day, and the project is expected to hit
its peak production of approximately 13,000 barrels per day in 2015.
Panyu 10-2/5/8 is an independent project in which the Company holds 100%
interest.
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
