CNOOC Ltd. Closes Joint Venture Deal with BEH

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May 04, 2010, 08:50 ET

HONG KONG, May 4 /PRNewswire-Asia/ -- CNOOC Limited (the "Company" or "CNOOC Ltd.", NYSE: CEO; SEHK: 00883) and Bridas Energy Holdings ("BEH") announced today that both parties have completed the formation of a 50/50% joint venture in Bridas Corporation ("Bridas").

(Logo: http://www.prnasia.com/sa/200701301659.jpg )

The transaction was signed on March 13, 2010. Upon completion, CNOOC Ltd. paid a consideration of approximately USD $3.1 billion.

Chairman and Chief Executive Officer of CNOOC Ltd., Mr. Fu Chengyu commented: "This transaction with BEH is of significance in our globalization plan. Completing the transaction in such an expedited timeframe highlights the superb execution abilities of both CNOOC Ltd. and BEH."

Chairman and Chief Executive Officer of BEH, Mr. Carlos Bulgheroni said: "With the Joint Venture with CNOOC Ltd., Bridas has made another step forward in the process started with Amoco Corporation that resulted in the creation of Pan American Energy LLC."

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 "believe", "intend", "expect", "anticipate", "project", "estimate", "plan", "predict" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by us that we believe are reasonable under the circumstances. However, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance and financial condition to differ materially from our expectations. For a description of these and other risks and uncertainties, please see the documents we file from time to time with the United States Securities and Exchange Commission, including our 2009 Annual Report on Form 20-F filed on April 23, 2010.

    For further enquiries, please contact:

     Mr. Jiang Yongzhi
     Joint Company Secretary and General Manager of
     Investor Relations Department
     CNOOC Limited
     Tel:   +86-10-8452-1731
     Fax:   +86-10-8452-1441
     Email: [email protected]

     Ms. Sharon Fung
     Ketchum Newscan Public Relations Ltd
     Tel:   +852-3141-8082
     Fax:   +852-2510-8199
     Email: [email protected]

SOURCE CNOOC Limited