CNOOC LIMITED

A profile of CNOOC Limited
 
CNOOC Limited (the "Company", together with its subsidiaries, or the "Group"), is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. The Group mainly engages in exploration, development, production and sell of oil and natural gas.The Group's core operation areas  are  Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. Overseas, the Group has oil and gas assets in Asia, Africa, North America, South America, Oceania and Europe. China National Offshore Oil Corporation is the Company's largest shareholder. It currently holds approximately 64.44% of the Company's shares. CNOOC limited is listed on three stock exchanges, including New York, Toronto and Hong Kong. Standard & Poor's has issued a credit rating of AA- for CNOOC limited, while Moody's has issued a credit rating of Aa3. Both ratings are consistent with the rating agencies' respective credit ratings for the People's Republic of China.
 
Total and CNOOC Limited partnering for oil development in Uganda 
 
Total E&P Uganda is partnering with CNOOC Uganda Limited (an overseas branch of CNOOC Limited) in the development of Uganda’s oil resources in the Lake Albert region. In 2012, Tullow Oil farmed-down an agreement with Total E&P Uganda and CNOOC Uganda Limited in which they each acquired a 33.3% interest in the Lake Albert Exploration Areas 1, 1A-Lyec, 2 and 3-Kingfisher. Each of the 3 partners has an equal stake in the exploration area operated by its partner. CNOOC Uganda Limited and Tullow Oil therefore have an equal stake in Total E&P Uganda’s operations in the Murchison Falls National Park. CNOOC Uganda Limited received a Production License for the Kingfisher area in September 2013. Together, the partners will soon move into the Development phase of these oil resources.
 

Tullow Oil plc

About Tullow Oil plc

Tullow is a leading independent oil & gas, exploration and production group, quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW). The Group has interests in over 130 exploration and production licences across 22 countries which are managed as three regional business units: West & North Africa, South & East Africa and Europe, South America and Asia.

Total partnering with Tullow to develop Uganda’s oil resources

In 2011, Tullow farmed-down to Total E&P Uganda and CNOOC Ltd in an agreement that saw each of the three partners acquiring equal stakes of 33.3% interest in the Lake Albert Exploration Areas 1, 1A-Lyec, 2 and 3-Kingfisher. According to the decision of the Government of Uganda, Total E&P Uganda became the operator of Block 1, Tullow the operator of Block 2 and CNOOC operator of the Block 3A. Together, the partners have concluded all the exploration activities and will soon move into the Development phase of Uganda’s oil resources.

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