CNOOC Taps Into Australian Gas

CNOOC Limited has signed a Heads of Agreement with the NWS participants, BHP Petroleum (North West Shelf) Pty Ltd, BP Developments Australia Pty Ltd, Chevron Australia Pty Ltd, Japan Australia LNG (MIMI) Pty Ltd, Shell Development (Australia) Proprietary Limited and Woodside Energy Ltd, on a new joint venture to develop North West Shelf gas in Australia, pending the result of the current Guangdong LNG supply bid. The proposed joint venture, China LNG JV, targets China's LNG market for its gas development project.

The Company agrees to co-invest in the development of Australia's North West Shelf Gas Project for the sale of LNG to China markets. Under the agreement, CNOOC Limited will invest with other participants in the venture that will produce and process natural gas for LNG supply targeted for China. Mr. Wei Liucheng, Chairman and CEO of the Company said, "CNOOC Limited has long expressed desire to secure upstream assets for LNG import. We are looking forward to similar agreements with all other potential suppliers."