Penglai 19-3 Oilfield Resumes Production

abarrelfullabarrelfull wrote on 18 Feb 2013 19:49
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CNOOC Limited (the “Company”, NYSE: CEO, SEHK: 00883) announces that on 16 February 2013, the SOA announced, through its official website, that the revised ODP as well as the recomposed EIA prepared by COPC of Penglai (“PL”) 19-3 oilfield, have been approved.

Following a series of rectification measures, PL19-3 oilfield has recovered to normal state, with operating conditions. COPC is permitted to gradually resume the production of the PL 19-3 oilfield.

CNOOC, the parent company of the CNOOC Limited, is required by the SOA to continue to supervise and assist COPC in implementing the newly approved ODP, EIA as well as complying with oil and gas production standards, to ensure production safety of the oilfield.

PL19-3 oilfield is operated under a Production Sharing Contract (“PSC”). COPC is the Operator and responsible for the management of daily operations of the oilfield. CNOOC Limited holds 51% of participating interest during the development and production phase under the PSC.


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