CNOOC Ltd. says Indonesia operation on track to meet targets

Hong Kong-incorporated oil company CNOOC Limited announced on Wednesday that its investment interests in offshore Indonesia are well on track to meet and exceed performance targets set earlier this year despite heightened security concerns.

"Our business in Indonesia, largely comprised of offshore properties, is expected to hit performance targets. While we will keep a close eye on the development in Indonesia, we are confident that our business will not be impacted adversely." Said CFO Mark Qiu.

CNOOC acquired of Spanish Argentinean firm Repsol-YPF assets in Indonesia early in January this year, making it the largest offshore oil producer. The acquisition is expected to contribute 6% - 7% of net income to the Company.

Last month BP also agreed to transfer 12.5 percent interest in tangguh LNG project in Papua to CNOOC for US$ 275 million. (alex)