CNOOC Limited to Examine LNG Development in British Columbia, Canada Through
HONG KONG, Nov. 12, 2013
HONG KONG, Nov. 12, 2013 /PRNewswire/ --CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883, TSX: CNU) announced today that its wholly-owned subsidiary
Nexen Energy ULC (Nexen), has entered into an exclusive agreement with the
Government of British Columbia, Canada to examine the viability of
constructing a liquefied natural gas (LNG) plant and export terminal at Grassy
Point near Prince Rupert, British Columbia, Canada.
The agreement with the Government of British Columbia, represented by the
Ministry of Forests, Lands and Natural Resource Operations, grants Nexen and
its joint venture partners INPEX Corporation and JGC Corporation, the
exclusive right to pursue long-term access to Crown land at Grassy Point.
"LNG export is the most attractive option for maximizing the value of our
Canadian shale gas business," said Li Fanrong, CEO of CNOOC Limited. "With
robust financial capacity, a track record of efficient, innovative and
responsible development and significant LNG expertise, Nexen and our joint
venture partners are well positioned to pursue this opportunity."
In addition to assessing the suitability of the Grassy Point site, the
decision to proceed with LNG development issubject to a variety of internal
and external approvals. Financial attractiveness is dependent on acceptable
cost estimates, fiscal terms and obtaining acceptably-priced sales
"We have a long process ahead that includes a site viability review, a
comprehensive environmental impact assessment and stakeholder consultation,"
said Kevin Reinhart, CEO of Nexen. "Throughout the planning process, we'll
also examine the steps we can take to help the Province of British Columbia
realize its goal of creating a strong and competitive LNG industry that
creates jobs, strengthens pan-Pacific trading relationships and delivers
lasting social and economic benefits."
Notes to Editors:
More information about the Company is available at http://www.cnoocltd.com.
This press release includes "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995, including
statements regarding expected future events, business prospectus or financial
results. The words "expect", "anticipate", "continue", "estimate",
"objective", "ongoing", "may", "will", "project", "should", "believe",
"plans", "intends" and similar expressions are intended to identify such
forward-looking statements. These statements are based on assumptions and
analysis made by the Company in light of its experience and perception of
historical trends, current conditions and expected future developments, as
well as other factors that the Company believes reasonable under the
circumstances. However, whether actual results and developments will meet the
Company's expectations and predictions depends on a number of risks and
uncertainties which could cause the actual results, performance and financial
conditions to differ materially from the Company's expectations, including
those associated with fluctuations in crude oil and natural gas prices, the
exploration or development activities, the capital expenditure requirements,
the business strategy, whether the transactions entered into by the Company
can complete on schedule pursuant to its timetable or at all, the highly
competitive nature of the oil and natural gas industries, the foreign
operations, environmental liabilities and compliance requirements, and
economic and political conditions in the People's Republic of China. For a
description of these and other risks and uncertainties, please see the
documents the Company has filed from time to time with the United States
Securities and Exchange Commission, including 2012 Annual Report on Form 20-F
filed on April 24, 2013.
Consequently, all of the forward-looking statements made in this press release
are qualified by these cautionary statements. The Company cannot assure that
the results or developments anticipated will be realized or, even if
substantially realized, that they will have the expected effect on the
Company, its business or operations.
For further enquiries, please contact:
Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
Ms. Patti Lewis
Nexen Energy ULC
Tel: +1 403 699-6119
Ms. Angela Hui
Ketchum Newscan Public Relations Ltd
SOURCE CNOOC Limited
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