SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
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REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For May 16, 2002
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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CNOOC SIGNS PETROLEUM CONTRACT WITH TAIWANESE OIL COMPANY
(Beijing, May 16, 2002) -CNOOC Limited (the "Company", SEHK:883; NYSE: CEO)
announced today that its parent, China Offshore Oil Corporation (CNOOC) and
CPC of Taiwan have entered into a petroleum contract. The contract covers the
contact area of Tainan Basin and Chaoshan Trough. The contract is subject to
approvals by respective authorities. CNOOC Limited owns all commercial rights
and interests under the contract.
CNOOC and OPIC, a CPC wholly owned investment subsidiary, signed a geophysical
study agreement on the area in 1996. The agreement was executed from 1998 to
2000 and lead to the identification of seven potential oil and gas formations.
Experts from both parties agreed on the potential of the area and decided to
enter into exploration stage.
"This is an important milestone of commercial cooperation between oil and gas
companies from across the Strait. The commitment of joint exploration moves
the two companies to a new stage of cooperation," commented Mr. Wei Liucheng,
Chairman and CEO of the Company, "Based on the principle of mutual benefits,
this contract will bring win-win results to both parties."
Located in Pearl River Mouth in the South China Sea, the contract area covers
15,400 square kilometers. Under the contract, each party is responsible for
funding half of the expenditures and enjoys equal commercial interests and
rights. Two companies will form a joint management committee to oversea the
execution of the contract. The work program includes reprocessing 500
kilometers of seismic data, acquiring an additional 4,000 kilometers of 2D
seismic and drilling three exploration wells. The estimated expenditure is USD
$25 million.
CPC is one of the largest companies in Taiwan and engages in oil and gas
exploration, development, refinery, transportation, storage and sales, as well
as the production and supply of petrochemical raw materials. The cooperation
between CNOOC and CPC complements each other on technology, management and
capital and is expected to bring both parties mutual benefits.
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Notes to Editors:
CNOOC LIMITED - BACKGROUND
Incorporated in Hong Kong in August 1999, CNOOC Limited (SEHK: 883; NYSE: CEO)
is the dominant producer of crude oil and natural gas offshore China. CNOOC
Limited 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.
CNOOC Limited 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
CNOOC Limited, incorporated in Hong Kong, is a 70.6% held subsidiary of China
National Offshore Oil Corporation ("CNOOC"). CNOOC Limited 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 downstream petroleum projects.
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This press release contains statements that are not historical facts,
including statements about beliefs and expectations of the directors of CNOOC
Ltd. (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.
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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
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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: May 16, 2002