CNOOC‘s PSC Partner ConocoPhillips Found New Reserves in Bohai Bay

abarrelfullabarrelfull wrote on 27 Aug 2014 09:05

June 16, 2003

CNOOC Limited (the "Company", SEHK: 883, NYSE: CEO) today is pleased to announce that its PSC partner, Phillips China Inc, a unit of ConocoPhillips (NYSE: COP) scored two additional exploration discoveries in Bohai Bay.

Two new discoveries, PL 19-9-1 and PL13-1-1, are both located in Block 11/05 of central Bohai Bay.

The successful well PL19-9-1, 2 miles east of PL19-3 oilfield, encountered 31 meters (102 feet) of net hydrocarbon pay.

Another successful well, PL13-1-1, 18 miles north of PL 19-3, penetrated about 40 meters of net pay. Additional appraisal wells are planned.

"This is yet another evidence that the PSC is delivering winning results for all parties involved, for contractors who are willing to risk capitals, for China who benefit from increased productions to fuel its growth, and for CNOOC who is targeting more visible growth," said Mr. Cao Yunshi, the General Counsel of the Company.

Under the Production Sharing Contract, the Company has the right to acquire up to a 51% working interest at no cost in any commercial discoveries in the block.

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