CNOOC and Partners to Explore and Develop Gas in East China Sea

abarrelfullabarrelfull wrote on 27 Aug 2014 08:12

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August 19, 2003

CNOOC Limited (the "Company"; NYSE: CEO, SEHK: 883) today announced that its parent company, China National Offshore Oil Corporation ("CNOOC"), China PetroChemical Corporation ("Sinopec"), Shell and Unocal have finalised an agreement to explore, develop and market natural gas, oil and condensate in the East China Sea.
The agreement comprises three exploration and two development contract areas of the Xihu Trough covering approximately 22,000 square kilometers.

CNOOC Limited and Sinopec have a 30 per cent interest each with Shell and Unocal each holding 20 per cent interest. CNOOC will be the operator of all five contract areas.

The five contract areas represent a large acreage that has already made gas discoveries t is under-explored. The new venture partners plan to explore actively in the area. Foreign partners will assume 100% risk during the exploration stage.

The first development under the contracts will be in the Chunxiao development area which is expected to come on stream in mid 2005.

"We are pleased to see the final agreement on Xihu Trough exploration and development. It opens a new chapter for CNOOC and partners in the history of oil and gas exploration in East China Sea. We look forward to positive outcomes from the joint venture," commented Mr. Wei Liucheng, Chairman and CEO of CNOOC Limited. "We welcome new partners, Shell and Unocal. I am confident that they will add value to the project."

The proximity of the areas to the growing energy market in East China makes it an attractive investment opportunity for the project participants, whose combined strength enhances efforts to make the project a success.

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