CNOOC Limited Raises Its Stakes In Two Offshore China Oilfields

abarrelfullabarrelfull wrote on 27 Aug 2014 09:00

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July 18, 2003

CNOOC Limited (the "Company") announced today that the Company has increased its equity interest in the Qinhuangdao ("QHD") 32-6 oilfield to 75.5% and in the Liuhua ("LH") 11-1 oilfield to 100%. The Company paid US$150 million for a 24.5% interest in QHD 32-6 and US$20 million for each of two 24.5% interests in LH 11-1.

BP China Exploration and Production Company has transferred its 24.5% interests in both QHD 32-6 and LH 11-1 and Kerr-McGee China Petroleum Limited agreed to transfer the remaining 24.5% interest in LH 11-1 to CNOOC Limited.

"CNOOC Limited has taken advantage of opportunities provided by portfolio adjustments by its foreign partners to strengthen its position in producing fields offshore China," commented Mr. Zhou Shouwei, president of CNOOC Limited "These transactions will help the Company to meet its production targets and increase near-term earnings."

"We continue to encourage foreign operators to pursue attractive exploration opportunities offshore China," commented Mr. Wei Liucheng, Chairman and CEO of CNOOC Limited "Offshore China continues to witness successes recorded by international oil companies."

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