HONG KONG, Oct. 22, 2013 /CNW/ - CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883, TSX: CNU) announced that the Company, as part of a
consortium comprised of Petrobras, Shell, Total and CNPC, has been
awarded a 35-year production sharing contract to develop the Libra
pre-salt oil discovery in the Santos Basin, offshore Brazil.
The Company holds 10% percent in the winning consortium, with the
operator Petrobras(40%), Shell (20%), Total(20%) and CNPC(10% ).
As part of the winning bid, CNOOC Limited will pay 1.5 billion Brazilian
Reais (approximately US$0.7 billion) as its 10% share of the signing
bonus, and the winning consortium will conduct a minimum work program
no later than end 2017.
Libra field is located in Santos Basin, approximately 170 kilometers off
the coast of Rio de Janeiro. The block covers approximately 1,550
square kilometers with water depths of around 2,000 meters.
The Brazilian regulator, Agência Nacional do Petróleo (ANP) estimates
that the recoverable resources of Libra field is between 8 to 12
billion barrels of oil and a total gross peak oil production could
reach 1.4 million barrels per day.
Mr. Li Fanrong, CEO of the Company commented," Libra field in Brazil is
one of the largest deepwater oil accumulations in the world. The
participation of CNOOC Limited in Libra project not only signifies the
milestone of a strategic entry into ultra-deepwater field for the
Company, it also aligns with our philosophy of seeking partnerships to
expand our global footprints."
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, whether the
transactions entered into by the Company can complete on schedule
pursuant to its 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 has filed from time to time with the United
States Securities and Exchange Commission, including 2012 Annual Report
on Form 20-F filed on April 24, 2013.
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
realized or, even if substantially realized, that they will have the
expected effect on the Company, its business or operations.
SOURCE: CNOOC Limited
For further information:
Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
Ms. Angela Hui
Ketchum Newscan Public Relations Ltd