Tools: Save | Print | E-mail | Most Read
Lawsuit May Cost CNOOC Part of Its Share in Indonesian Gas Field
Adjust font size:

China National Offshore Oil Corp. (CNOOC), the country's largest offshore oil producer, may lose part of its stake in a natural gas field in Indonesia if a lawsuit filed by its partner succeeds.

CNOOC Muturi Limited, a wholly owned subsidiary of CNOOC, currently holds a 16.96 percent share in Indonesia's Tangguh liquefied natural gas (LNG) project, which is valued at about US$5 billion.

The offshore oil giant disclosed the law suit in its 2006 annual report saying a partner in the LNG project is likely to take legal action against the company and its subsidiaries, requesting they share part of the interests under the joint operating agreement.

The LNG project is expected to begin operations this year and CNOOC's share of the gas reserves are to supply the terminal in southeast China's Fujian Province.

The case is scheduled for hearing in November.

The result of the lawsuit is difficult to predict as are the expenses CNOOC is likely to incur, reported Wednesday's Shanghai Securities News, citing CNOOC sources.

(Xinhua News Agency May 17, 2007)

Tools: Save | Print | E-mail | Most Read

Related Stories
More Oil and Gas Finds Likely at Bohai, CNOOC Says
CNPC Boosts Offshore Projects
CNOOC Expects Listing Nod This Year
New Bohai Oil Fields Discovered
CNOOC to Launch Bidding for Untapped Oil, Gas Resources
CNOOC Expected to Invest US$3.6b This Year
CNOOC Ltd Predicts Flat Output
CNOOC Invests to Keep SAR Contract

Product Directory
China Search
Country Search
Hot Buys
SiteMap | About Us | RSS | Newsletter | Feedback
SEARCH THIS SITE
Copyright © China.org.cn. All Rights Reserved     E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP证 040089号