Block 32, with an acreage of 5,090 square kilometers, is an oil rich deepwater exploration block with 12 oil discoveries. The block is located about 150 kilometers off the coast in a water depth of 1400 to 2200 meters.
The parties involved expect to close the transaction by year-end 2009, subject to government and regulatory approvals and the pre-emption rights of the other parties to the Production Sharing Contract and Joint Operating Agreement.
Twelve previously announced discoveries in Block 32 include: Gindungo, Canela, Cola, Gengibre, Mostarda, Salsa, Caril, Manjericao, Louro, Cominhos, Colorau and Alho. Conceptual development studies are underway in order to identify the feasibility of a first development area in the central southeastern part of Block 32.
Marathon will retain a 10% interests in the block after the transaction.
Block 32 is operated by Total SA of
Credit Suisse services as a financial advisor to both CNOOC Ltd. and SINOPEC.
Notes to Editors:
More information about the Company is available at http://www.cnoocltd.com .
This press release includes "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995,
including statements regarding expected future events, business prospectus or
financial results. The words "believe", "intend", "expect", "anticipate",
"project", "estimate", "plan", "predict" and similar expressions are intended
to identify such forward-looking statements. These statements are based on
assumptions and analyses made by us that we believe are reasonable under the
circumstances. However, whether actual results and developments will meet our
expectations and predictions depend on a number of risks and uncertainties
which could cause our actual results, performance and financial condition to
differ materially from our expectations. For a description of these and other
risks and uncertainties, please see the documents we file from time to time
with the United States Securities and Exchange Commission, including our 2008
Annual Report on Form 20-F filed on
For further enquiries, please contact:
Mr. Xiao Zongwei
Joint Company Secretary
and General Manager of Investor Relations Department
Ms. Sharon Fung
Ketchum Newscan Public Relations Ltd