CNOOC Ink A Deal with Talisman on Tangguh LNG Project

Source: www.gulfoilandgas.com 1/28/2008, Location: Asia

CNOOC announced it has reached agreement with Talisman Energy Inc. to sell a 3.06% working interest in the Tangguh LNG Project with a consideration of US$ 212.5 million. The transaction has been completed through the equity transfer of an indirect subsidiary of CNOOC Limited and became effective on 1 January 2008.

The Tangguh LNG Project, located in West Papua, Indonesia, consists of a number of offshore gas wells, production facilities, pipelines and LNG plant facilities with a nameplate capacity of 7.6 million tons per year. The Project comprises three PSC areas: the Berau PSC, the Muturi PSC and the Wiriagar PSC. First LNG is expected in late 2008.

Before the transaction, CNOOC Ltd. owned 16.96% of working interests in Tangguh project.


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