Lufeng 22 News

The board of directors of CNOOC Limited announced that Mr. Fu Chengyu, an Executive Director of the Company, will be re-designated as a Non-executive Director of the Company. Mr. Fu remains the Chairman of the Board. Mr. Li Fanrong, a Non-executive Director of the Company, will be re-designated as an Executive Director of the company. The re-designations of Mr. Fu and Mr. Li will become effective from 16 September 2010. Born in 1951, Mr. Fu received a B.S. degree in geology from the Northeast Petroleum Institute in China and a master degree in petroleum engineering from the University of Southern California in the United States. He has over 30 years of experience in the oil industry in the PRC. He previously worked in China’s Daqing, Liaohe and Huabei oil fields.

After more than 11 years in production, StatoilHydro and Chinese National Offshore Oil Company (CNOOC) have reached a mutual agreement to transfer full responsibility for the abandonment of the Lufeng field in the South China Sea to CNOOC. The transfer will take effect after the production shutdown later this year. Lufeng 22-1 lies some 250 kilometres south-east of Hong Kong. Lufeng 22-1 was first discovered in 1983 by Occidental. Ampolex took over in 1991 and sold its interests to Statoil in 1996. The field was brought on stream in 1997.