SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For October 12, 2001
CNOOC Limited
(Translation of registrant's name into English)
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65th Floor
Bank of China Tower
One Garden Road
Central, Hong Kong
(Address of principal executive offices)
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(Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F)
Form 20-F X Form 40-F
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(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No X
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(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): N/A.)
Company Press Release
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Revised Offshore Exploration Law Reconfirms CNOOC's Special Rights
(Beijing, October 12, 2001) CNOOC Limited (SEHK: 833, NYSE: CEO) (the
"Company") announced today that the newly revised offshore exploration law
released by the Chinese government reconfirms the exclusive right of the
Company to back-in successful exploration acreage of foreign contractors
offshore China.
The Chinese State Council published a revised version of the "Regulations of
the People's Republic of China on the Exploitation of Offshore Petroleum
Resources in Cooperation with Foreign Enterprises" on October 10, 2001 in its
official release 318. The revision was prompted by a comprehensive review of
all business laws and regulations by the Chinese government to ensure their
compliance with the PRC's WTO commitments on the eve of the PRC's formal
admission to the WTO. Revised terms in the law governing offshore exploration
included restrictive provisions on technology transfers and domestic
components requirements in procurement. The removal of the restrictions
provides a level playing field for all oil field service contractors, domestic
or international. It is expected to benefit the Company's E&P business and
further increase Production Sharing Contract ("PSC") activities offshore
China.
The Company will continue to enjoy the exclusive right to conduct PSC
activities with foreign contractors and is entitled to all rights and
privileges under the original law. The regulation also states that the
Company, as a state-owned enterprise, is to be in charge of all efforts to
exploit petroleum resources with contractors in Chinese waters.
"This reaffirms a favorable regulatory environment for CNOOC's E&P business,"
commented Mr. Wei Liucheng, Chairman and CEO of the Company.
Dr. Mark Qiu, CFO of the Company, remarked, "We informed the market earlier of
the ongoing review of the law and expressed confidence that our special
mandate will be upheld and revisions, if any, would be positive. This is a
good confirmation."
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Notes to Editors:
CNOOC LIMITED - BACKGROUND
Incorporated in Hong Kong in August 1999, the Company is the dominant producer
of crude oil and natural gas offshore China. The Company is also one of the
largest independent crude oil and gas exploration and production companies in
the world. As of December 31, 2000, its net proved reserves were 1.8 billion
barrels-of-oil equivalents and its net production totaled 239,337 BOE per day.
The Company has interests in 45 crude oil and gas properties in four major
producing
areas: Bohai Bay, Western South China Sea, Eastern South China Sea
and East China Sea. The Company is a major oil and gas company in China with
approximately 1,000 employees.
CNOOC LIMITED - RELATIONSHIP WITH ITS PARENT COMPANY
The Company is a 70.6% held subsidiary of China National Offshore Oil
Corporation ("CNOOC"). The Company is the sole vehicle through which CNOOC
carries out oil and gas exploration, development and production activities
offshore China and internationally.
CNOOC, the parent company, is involved in the administrative, research and
services functions for the PRC offshore petroleum industry as well as other
mid- or down-stream petroleum projects.
*** *** ***
This press release contains statements that are not historical facts,
including statements about beliefs and expectations of the directors of the
Company. These forward-looking statements are based on current plans,
estimates and projections, and therefore you should not place undue reliance
on them. Forward-looking statements speak only as of the date they are made,
and the directors of the Company undertake no obligation to update publicly
any of them in light of new information or future events. Forward-looking
statements involve inherent risks and uncertainties. You are cautioned that a
number of important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Such factors include,
but are not limited to, changes of the PRC's economic, political and social
conditions as well as government policies.
*** *** ***
For further enquiries, please contact:
Mr. Xiao Zongwei
CNOOC Limited
Tel : +86 10 8452 1646
Fax: +86 10 8452 1648
E-mail: xiaozw@cnooc.com.cn
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
as amended, the registrant has duly caused this report to be issued on its
behalf by the undersigned, thereunto duly authorized.
CNOOC Limited
By: /s/ Cao Yunshi
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Name: Cao Yunshi
Title: Company Secretary
Dated: October 12, 2001