Penglai 19-3 Oilfield Resumes Production
HONG KONG, Feb. 17, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) announces that on 16 February 2013, the SOA announced, through its official website, that the revised ODP as well as the recomposed EIA prepared by COPC of Penglai ("PL") 19-3 oilfield, have been approved.
Following a series of rectification measures, PL19-3 oilfield has recovered to normal state, with operating conditions. COPC is permitted to gradually resume the production of the PL 19-3 oilfield.
CNOOC, the parent company of the CNOOC Limited, is required by the SOA to continue to supervise and assist COPC in implementing the newly approved ODP, EIA as well as complying with oil and gas production standards, to ensure production safety of the oilfield.
PL19-3 oilfield is operated under a Production Sharing Contract ("PSC"). COPC is the Operator and responsible for the management of daily operations of the oilfield. CNOOC Limited holds 51% of participating interest during the development and production phase under the PSC.
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 "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 analysis made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes reasonable under the circumstances. However, whether actual results and developments will meet the Company's expectations and predictions depends on a number of risks and uncertainties which could cause the actual results, performance and financial conditions 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, 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 has filed from time to time with the United States Securities and Exchange Commission, including 2011 Annual Report on Form 20-F filed on April 20, 2012.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the actual results or developments anticipated will be realized or, even if substantially realized, that they will have the expected effect on the Company, its business or operations.
*** *** *** ***
For further enquiries, please contact:
Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
Ms. Angela Hui
Ketchum Newscan Public Relations Ltd
SOURCE CNOOC Limited