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 October 15, 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 and ChevronTexaco Step Forward to Develop the Large BZ25-1/25-1S Field in
Bohai Bay
(Hong Kong, October 14, 2002) - CNOOC Limited (the "Company", SEHK: 883; NYSE:
CEO) announced today that its parent company, China National Offshore Oil
Corporation ("CNOOC") and Texaco China B.V., a subsidiary of ChevronTexaco,
("ChevronTexaco"), had entered into an agreement for the unitization
development of BZ25-1/25-1S oil field in the Bohai Bay.
The agreement was reached under the following five principles, "one development
project, one set of producing facilities, one management structure, one
operator and one equity determination."
BZ25-1/25-1S oil field is situated about 150 kilometers southeast of Tanggu in
the Bohai Bay. The agreement covers a total area of 218 square kilometers.
Under the terms of the agreement, CNOOC will be the operator and own 83.8% (55%
in self-financed area and 28.8% in Block 11/19) working interests in the entire
unitized project. ChevronTexaco holds the remaining 16.2%.
"The agreement signed today to unitize the development of BZ25-1/25-1S oil
field is another significant milestone of CNOOC's cooperation in developing oil
fields with foreign partners. It is the first-ever unitization agreement signed
between CNOOC and our foreign partners on one field straddling the boundary of
two blocks. The signing of the agreement also marked that CNOOC's cooperation
with foreign partners and corporate management expertise come on a new horizon.
The significance lies in that, firstly, the oil field is the first one
discovered by a world-class oil company via risk exploration but CNOOC acts as
the operator at the beginning of development stage. Secondly, it demonstrates
our capability to walk through difficult times." commented Mr. Zhou Shouwei,
President of the Company.
The petroleum contract for Block 11/19 in the Bohai Bay was signed between
CNOOC and ChevronTexaco in April 1992. BZ25-1 oil field was discovered by
ChevronTexaco via explorations in the block. The field was redesignated BZ25-1S
and determined to be an oil field straddling the boundary between Block 11/19
and the self-financed area of CNOOC.
Notes to Editors:
CNOOC LIMITED - BACKGROUND
Incorporated in Hong Kong in August 1999, the Company is the dominant producer
of crude oil and natural gas offshore China. The Company 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 billion
barrels-of-oil equivalents and its net production totaled 261,379 BOE per day.
The Company 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.
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This press release contains statements that are not historical facts, including
statements about beliefs and expectations of the directors of 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
Ms. Anne Lui, Ms. Zelda Yung, Ms. Maggie Chan
Ketchum Newscan Public Relations
Tel: 852-3141-8016, 852-3141-8028, 852-3141-8063
Fax: 852-2510-8199
E-mail: anne.lui@knprhk.com
zelda.yung@knprhk.com
maggie.chan@knprhk.com
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,
General Counsel and
Senior Vice President
Dated: October 15, 2002