Primeline Updates on Cnooc Arbitration
China-focused Primeline Energy Holdings September 16 said the final award in the arbitration against Cnooc is unlikely to be received until after the new year. In May, the company had stated that the award was expected before the end of summer.
Primeline, which is listed in Canada, had initiated the arbitration process against Chinese state-run Cnooc and Cnooc China in 2016. The arbitration relates to Primeline’s disputes with Cnooc with regard to the development, production and sales of gas from the LS36-1 gas field. The hearing procedures of the arbitration were completed in December 2018.
The LS36-1 gas field started commercial production in 2014 and is operated by Cnooc. Primeline has a 36.75% interest in the field.