HONG KONG (Standard & Poor's) Jan. 10, 2006--Standard & Poor's Ratings Services said today that its rating on CNOOC Ltd. (A-/Stable/--) would not be affected by the company's bid to acquire a 45% working interest in an offshore oil mining license (OML 130) in Nigeria. The transaction is consistent with the company's stated growth strategy to expand and diversify its production base, and is well within the financial capabilities of the company. The total cash consideration amounts to US$2.27 billion, which the company is expected to fund through internal resources. CNOOC Ltd. currently has net cash of US$2.2 billion. Incremental capital expenditure as a result of this acquisition is expected to be US$2.25 billion between 2006 and 2008. Standard &
