CNOOC Limited's Subsidiary Secures Key Contract in Iraq
CNOOC Limited's Growth in International Markets
CNOOC Limited (SEHK: 00883 and SSE: 600938) continues to expand its reach in the global oil sector with its recent contract signing. The company's wholly owned subsidiary, CNOOC Africa Holding Ltd., has entered into a significant Exploration, Development & Production Contract (EDPC) with Midland Oil Company for Block 7.
Details of the Contract
This groundbreaking deal encompasses Block 7, primarily located in Province Diwaniyah, covering an expansive area of approximately 6,300 square kilometers. This strategic acquisition not only highlights CNOOC's commitment to expanding its operations but also reinforces its position in the competitive oil market.
Exploration Phase and Operator Role
Under the terms of the contract, the initial exploration phase is set for three years, during which CNOOC Africa Holding Ltd. will hold a 100% interest and serve as the operator of the block. This control allows the company to implement its strategic vision effectively.
Impact on CNOOC Limited
The signing of this contract marks a significant milestone for CNOOC Limited, promising to enhance its production capabilities and explore new avenues for growth. By engaging in this exploration venture, CNOOC aims to tap into the rich energy resources in the region, contributing to its long-term strategic goals and overall business sustainability.
Future Outlook
As CNOOC Limited advances in its international undertakings, the future looks bright for its operations. The confidence shown by entering into this contract with Midland Oil Company reflects the company's proactive approach towards securing energy resources and adapting to global market demands.
Ongoing Developments
CNOOC is dedicated to progressing its exploration and production activities while maintaining high standards of safety and environmental responsibility. The anticipated developments from Block 7 will undoubtedly play a crucial role in the company’s plan to bolster its production portfolio.
Contact and Further Information
For those seeking further information about CNOOC Limited, the company encourages inquiries through its Media and Public Relations contacts. Ms. Cui Liu is available at +86-10-8452-6641 or via email at mr@cnooc.com.cn. Additionally, Mr. Bunny Lee from Porda Havas International Finance Communications Group can be contacted at +852 3150 6707 or through cnooc.hk@pordahavas.com.
Frequently Asked Questions
What is the significance of the contract signed by CNOOC Limited?
The contract enhances CNOOC Limited's exploration and production capabilities in the oil sector, particularly in Iraq.
Who is the operator of Block 7?
CNOOC Africa Holding Ltd. will act as the operator of Block 7, holding a 100% interest.
What does the exploration phase entail?
The initial exploration phase, lasting three years, focuses on evaluating and developing oil resources within Block 7.
Where is Block 7 located?
Block 7 is primarily situated in Province Diwaniyah, Iraq, covering an area of approximately 6,300 square kilometers.
How can I find more information about CNOOC Limited?
For more details, inquiries may be directed to the company’s media contacts or by visiting their official website.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.
