CNOOC to acquire interest in North West Shelf gas project

CNOOC Limited CEO announced that it has entered into a definitive agreement with the North West Shelf Venture partners to acquire an interest of up to 5.56 % in the North West Shelf Gas Project titles and assume a 25 % interest in the China LNG Joint Venture following an earlier announcement on the investment.
"The signing of the agreement is a key step forward in the completion of this acquisition and further realizes our strategy of supplying natural gas to the rapidly growing market in China," commented Mr Wei Liucheng, Chairman and CEO of CNOOC Limited, "the investment also opens to us a gas rich new basin that provides further asset and production growth opportunities."

Incorporated in Hong Kong in August 1999, CNOOC Limited 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, 2001, its net proved reserves were 1.8 bn boe and its net production totalled 261,379 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 slightly over 1,000 employees. The company has become the largest offshore producer in Indonesia after the acquisition of Indonesian assets.