CNOOC says partner files lawsuit on Tangguh LNG project stake: Report

Chinese energy giant China National Offshore Oil Corporation (CNOOC) Ltd., said a partner in a joint project in Indonesia has filed a lawsuit, claiming rights to the company's stake in the Tangguh LNG project.

 

The case is scheduled to be tried in November, CNOOC said in the company's 2006 annual report.

 

“As the case it still in a preliminary stage, the management considers that the outcome of any judgment on the lawsuit as quite uncertain and any expenditure from the lawsuit is not estimable, the company said as quoting by Bloomberg on Monday.

 

“Consequently, no provision has been made for any expenses that might arise from the case,” the company added.

 

BP owns 37.16 percent of Tangguh, making it the biggest investor. CNOOC, China’s largest offshore oil producer is the second-biggest, with 16.96 percent.

 

Other investors include Mitsubishi Ltd. and Inpex Corp. They hold a combined 16.3 percent in Tangguh. A Nippon Oil Corp. led company has a 12.23 percent stake and LNG Japan, owned by Sumitomo Corp. and Sojitz Holdings Corp. holds 7.2 percent. Japan Oil, Gas & Metals National Corp., Kanematsu Corp. and Mitsui & Co.’s Overseas Petroleum Corp. unit hold a combined 10 percent. (*)