"The decision is consistent with owners' rights, driven by the consideration of self-interests and not that unexpected even though we would have liked a different one. But the event itself has no adverse impact on the strategy and operating fundamentals of CNOOC Limited," said Mr. Wei Liucheng, Chairman and CEO of CNOOC Limited.
"We continue to stick to our strategy and to look out opportunistically for quality assets that add value to our shareholders," commented Dr. Mark Qiu, CFO of the Company.
The Company and BG entered into an agreement dated March 7, 2003 for the Company to acquire the interest from BG. The completion of the agreement was subject to the satisfaction of a number of conditions including the waiver of certain pre-emption rights.
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