CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces that CNOOC Energy Holdings U.S.A. Inc., a US-based subsidiary of its wholly owned subsidiary CNOOC International Ltd., has entered into the Stock Purchase Agreement (the "SPA") with a subsidiary of INEOS Energy for the sale of CNOOC Holdings U.S.A. Inc.
The SPA involves the Company's upstream oil and gas business located in the U.S. Gulf of Mexico, mainly consisting of non-operating interests in oil and gas projects including the Appomattox and Stampede fields.
Mr. Liu Yongjie, Chairman of CNOOC International Ltd., said, "The transaction follows general business principles and aims to further optimize the Company's global asset portfolio. It will close upon obtaining regulatory approvals and satisfaction with the terms of the SPA. During this period, the Company will work closely with INEOS Energy to ensure a smooth and orderly transition."
