CNOOC sued in US for false disclosure on business, oil spill

23 October 2012 08:10  [Source: ICIS news]

SINGAPORE (ICIS)--China National Offshore Oil Corp (CNOOC) said late on Monday that several individuals have filed a complaint in a US District Court regarding its statements on operations and an oil spill accident in 2011.

The complaint, filed in the Southern District of New York, alleges that CNOOC madematerially false and misleading statements between 27 January 2011 and 16 September 2011 regarding its business, financial results and the spill at Penglai 19-3 oilfield in northern China, according to CNOOC.

CNOOC said that it believes the allegations and claims in the complaint are without merit and the company will defend itself vigorously against such claims.

Productions at the Penglai 19-3 oilfield have been suspended since 13 July 2011, pending a revised overall development plan and environment impact assessment.

Penglai 19-3 oilfield is jointly developed by CNOOC and ConocoPhillips, with CNOOC owning a 51% stake and ConocoPhillips 49%.

By: Fanny Zhang
+65 6780 4359

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