CNOOC signs two PSCs with Chevron

Thursday, Jan 17, 2013

HONG KONG, Jan. 16, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) announced today that its parent company, China National Offshore Oil Corporation (CNOOC) has signed two production sharing contracts (PSCs) with Chevron China Energy Company (Chevron) for Blocks 15/10 and 15/28, respectively.

Blocks 15/10 and 15/28 are located in Xijiang Sag of Pearl River Mouth Basin in the east part of the South China Sea. They cover a total area of 5,782 square kilometers with water depths of 50-100 meters.

According to the terms of the contract, Chevron will conduct 3D seismic data surveys in the two blocks during the exploration period, in which all expenditures incurred will be borne by Chevron. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the blocks.

Mr. Zhu Weilin, Executive Vice President of the Company and General Manager of Exploration Department commented, "We are very pleased to become partner with Chevron again and wish this project to achieve commercial discoveries soon to create economic returns for both companies."

SOURCE CNOOC Limited

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