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 June 19, 2003
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.)
FOR IMMEDIATE RELEASE
CNOOC and Kerr-McGee Sign New Exploration Contract
(Hong Kong, June 18, 2003) -CNOOC Limited (the "Company", SEHK: 883, NYSE:
CEO) announced today that its parent -- China National Offshore Oil
Corporation ("CNOOC") has signed a production sharing contract (PSC) in Bohai
Bay with Kerr-McGee China Petroleum Ltd. ("Kerr-McGee"), an affiliate of
Kerr-McGee Corp. (NYSE: KMG).
The PSC covers Block 09/06 which is located in the western part of Bohai Bay.
It has a total exploration area of about 1,788 square kilometers. Kerr-McGee
is committed to drilling one wildcat well in the first contract phase with an
option to commit to additional wells in subsequent phases.
"Oil companies continue to be attracted by Bohai Bay prospects and they remain
active there," said Mr. Zhang Guohua, the new exploration chief of the
Company.
"We welcome and expect continued exploration interests offshore China under
our PSC regime. We are committed to attracting international petroleum
companies such as Kerr-McGee in searching for oil and gas offshore China. It's
a win-win formula," commented Mr. Cao Yunshi, the General Counsel and Senior
Vice President of the Company.
Under the terms of the PSC, Kerr-McGee will fund 100% of the exploration
expenditures. CNOOC Limited has the right to co-invest up to a 51%
participating interest in developing any commercial discoveries in the block.
Kerr-McGee also holds interests and operates three other PSCs in Bohai Bay.
End
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, 2002, its net proved
reserves were 2.0 billion barrels-of-oil equivalents and its net production
averaged 346,639 BOE per day in 2002.
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 2,000 employees. The Company has become the largest offshore oil
producer in Indonesia after the acquisition of Indonesian assets.
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,
production and selling activities offshore China and internationally.
CNOOC, the parent company, is involved in the administrative, research, and
services functions for
the China offshore petroleum industry as well as other mid- or downstream
petroleum projects.
*** *** ***
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.
*** *** ***
For further enquiries, please contact:
Mr. Xiao Zongwei
CNOOC Limited
Tel : +86 10 8452 1646
Fax: +86 10 8452 1441
E-mail: xiaozw@cnooc.com.cn,
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Ms Anne Lui/Ms. Maggie Chan/Ms. Carol Chan
Ketchum Newscan Public Relations
Tel: 852-3141-8016/ 852-3141-8063/3141-8091
Fax: 852-2510-8199
E-mail: anne.lui@knprhk.com
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carol.chan@knprhk.com
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maggie.chan@knprhk.com
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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: June 19, 2003