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GAZPROM

September 21, 2005

On working meeting between Alexey Miller and Chengyu Fu

Gazprom’s Headquarters has hosted today a working meeting between Alexey Miller, Chairman of Gazprom’s Management Committee and Chengyu Fu, President and CEO of China National Offshore Oil Corporation (CNOOC).

The parties looked into the prospect of cooperation between the companies in the oil & gas sector, debating potential interaction in the liquefied natural gas (LNG) sector, with a focus placed on LNG supplies to Asia Pacific, China inclusive.

The meeting dealt with possible joint involvement in the offshore oil & gas field development and operations in third countries.

Reference:

Founded in 1982, China National Offshore Oil Corporation (CNOOC) is the oldest of the three largest petroleum businesses in the People's Republic of China (PRC). The company holds exclusive rights to conduct oil & gas exploration and production activities in China’s offshore.

Over 2004, CNOOC’s gross receipts and profit accounted for US $6.8 bln and US $2 bln, respectively, with oil and natural gas production growing to 26 mln t and 4.9 bcm, respectively.

In 2004, CNOOC brought into operation six new offshore oil and gas fields (including four in the Bohai Bay, one in the Zhujiangkou and one in the Beibu hydrocarbon sedimentary basins of South China Sea), discovered five new fields and drilled 16 exploratory wells. Based on the first half of 2005 operating highlights, CNOOC’s oil and gas extraction climbed 15.8% and 7.3%, respectively.

The bulk of exploration and considerable portion of production activities are carried out by CNOOC jointly with foreign oil and gas companies.

Building a network of liquefied natural gas regasification terminals in Chinese offshore is currently a prominent corporate project, with the construction of the first two terminals nearing completion in the Guangdong and Fujian provinces. The terminals commissioning is due in 2006 and 2007, respectively. The PRC Government has given its sanction for CNOOC to construct another several terminals, in Shanghai and Dalian inclusive.

DIVISION OF RELATIONS WITH MASS MEDIA

 

 

 

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