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 17, 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
LD 27-2 Oil Discovery Confirmed in Bohai Bay
(Beijing, May 17, 2002) -CNOOC Limited (the "Company", SEHK:883; NYSE: CEO)
announced today that the Company and partners, ChevronTexaco and Petronas
Carigali (the exploration and production arm of Petronas, Malaysia's
state-owned petroleum corporation) have confirmed an oil discovery in the
Liaodong Bay 02/31 Block in Bohai Bay, China. Appraisal well, LD 27-2-3, which
was drilled in 21 meters of water to a total depth of 2,700 meters,
encountered multiple oil zones in the Minghuazhen, Guantao, and Dongying
Formations. Four light-oil zones were tested and yielded 33-36 API oil at a
combined rate of 4,600 barrels per day. Under the production sharing contract,
CNOOC Ltd has the right to take up to a 51% participating interest in the
development of the oil discovery.
Located about 104 kilometers southeast of Qinghuangdao City, LD 27-2 structure
had its first wildcat well LD 27-2-1 drilled in 2000 and encountered over 100
meters of oil show without tests. Since the end of 2001, two wells LD 27-2-2
and LD 27-2-3 were drilled.
"We are encouraged by the exploration success in LD 27-2 structure which is
another piece of evidence of the huge oil potential in Bohai Bay," commented
Mr. Ru Ke, Senior Vice President of CNOOC Ltd, "Several major discoveries have
been made in Bohai Bay in recent years. The new discovery will further enlarge
our reserves in the area which has become the largest producing area of CNOOC
Ltd."
"We are very happy with the confirmation of high quality oil and high
production rates from the LD 27-2 prospect," said Sam Snyder, Managing
Director of ChevronTexaco's China Business Unit, "We will be working
diligently with our partners, Petronas Carigali and CNOOC Ltd., to evaluate
this discovery through further appraisal drilling."
This latest drilling success continues to build on the Company's enlarged
portfolio of assets in China following the ChevronTexaco merger last year.
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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
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 17, 2002