HONG KONG, Oct. 30, 2013 /CNW/ - CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883,TSX: CNU) announced today that Suizhong 36-1 Phase II adjustment project has commenced production.
Suizhong 36-1 oil field is located in the south region of Liaodong Bay in Bohai with an average water depth of about 30 meters. Along with fully utilizing the existing producing facilities, this adjustment project also built 4 new platforms. The commencement of this project will further enhance the overall processing capability of the field and make the development of this field more effectively. The adjustment project was expected to hit its peak production in 2014.
Suizhong 36-1 oil field is an independent oil field in which the Company holds 100% interest and acts as the Operator.
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 Group 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 19, 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
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