CNOOC Ltd Acquires LNG Equity Stake and Energy Field Stake

摘要

CNOOC Limited announced in early February that it has completed its acquisition of an equity interest in the reserves associated with the Tangguh LNG Project in Indonesia. The Tangguh LNG Project comprises three PSC areas: the Berau PSC, the Muturi PSC and the Wiriagar PSC. The Company acquired from BP an equivalent 12.5% stake in the Tangguh LNG Project for US$275 million through the acquisition of a 44. 0% interest in the Muturi PSC and a 42.4% interest in the Wiriagar PSC. The Tangguh LNG Project partners have signed a 25-year LNG Supply Contract to provide up to 2.6 million tons per annum of LNG to the Fujian LNG terminal project in China, beginning in 2007. "With this transaction, we have taken a significant step in executing our natural gas strategy in China's rapidly growing coastal gas market," commented Mr. Yang Hua, Senior Vice President of CNOOC Limited and President of CNOOC International Limited. "Furthermore, this acquisition is consistent with our strategy of prudent and selective international expansion while maintaining our core focus in Offshore China."