CNOOC Made Significant Natural Gas Discoveries In Eastern South China Sea

abarrelfullabarrelfull wrote on 27 Aug 2014 08:54

July 28, 2003

CNOOC Limited (the "Company"; NYSE: CEO, SEHK: 883) announced today that the Company made significant natural gas discoveries in Eastern South China Sea. The preliminary appraisal results of Panyu 30-1 and Panyu 34-1 discoveries made late last year have confirmed and delineated the scope for recovery of natural gas reserves.

Total natural gas reserves in place from these fields are estimated to be approximately 1.5 trillion cubic feet. "It represents the first major natural gas discovery in the Pearl River Mouth of South China Sea, which opens new exploration prospects in the area," commented Mr. Zhou Shouwei, president of CNOOC Limited.

"These new discoveries will provide reliable and increased natural gas supplies to a region with significant gas demand. The future gas supply will help fuel the local economic growth and create a cleaner environment. They will enhance the dominant gas supply business CNOOC has been developing," commented Mr. Wei Liucheng, Chairman and CEO of CNOOC Limited, "Natural gas business is a new and increasingly visible growth engine for cash flow and earnings of CNOOC Limited."

The preliminary development plan calls for an integrated design to add productions from smaller reserves in the area to capture further economics. It is targeting the fast growing Guangdong market. The initial capital expenditure is estimated around US$500 million.

CNOOC Limited owns 100% of both Panyu 30-1 and Panyu 34-1.

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