BP China Exploration and Production Company has transferred its 24.5% interests in both QHD 32-6 and LH 11-1 and Kerr-McGee China Petroleum Limited has agreed to transfer the remaining 24.5% foreign interest in LH 11-1 to CNOOC Limited.
"CNOOC Limited has taken advantage of opportunities provided by portfolio adjustments by its foreign partners to strengthen its position in producing fields offshore China", commented Mr. Zhou Shouwei, president of CNOOC Limited. "These transactions will help the Company to meet its production targets and increase near-term earnings."
"We continue to encourage foreign operators to pursue attractive exploration opportunities offshore China", commented Mr. Wei Liucheng, Chairman and CEO of CNOOC Limited. "Offshore China continues to witness successes recorded by international oil companies."
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