HONG KONG, April 22, 2014 /PRNewswire/ -- CNOOC Limited (the
"Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its
key operational statistics for the first quarter of 2014.
(Logo: http://www.prnasia.com/sa/200701301659.jpg )
In the first quarter, the Company achieved a total net
production of 108.1 million barrels of oil equivalent ("BOE"),
representing 15.5% increase year over year (YoY).
The Company made five new discoveries and eight successful
appraisal wells in offshore China.
New discovery of Bozhong 22-1 demonstrated great exploration
potential of natural gas in Bohai buried hill at deeper zone;
another discovery of Lingshui 17-2 marked a breakthrough of the
Company's independent deepwater exploration. After further
successful appraisals, Bozhong 8-4 and Wushi 17-2 were proved to be
mid-sized oil and gas structures. During the period, the new
projects planned to commence production all made smooth
process.
In the first quarter, the unaudited oil and gas sales revenue of
the Company reached approximately RMB59.15
billion, representing an increase of 6.9% YoY, mainly due to
the increase of oil and gas production. During the period, the
Company's average realized gas price was US$6.33 per thousand cubic feet, representing an
increase of 9.3% YoY while the Company's average realized oil price
was US$104.63 per barrel.
During the period, the Company's capital expenditures for
exploration, development and production amounted to RMB19.31 billion.
Mr. Li Fanrong, CEO of the
Company commented, "In the first quarter, the Company made
significant progress in exploration, particularly the new
discoveries and successful appraisals will lay a solid foundation
for the Company's sustainable development."
Notes to Editors:
More information about the Company is available at
http://www.cnoocltd.com.
This press release includes "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995, including statements regarding expected future
events, business prospectus or financial results. The words
"expect", "anticipate", "continue", "estimate", "objective",
"ongoing", "may", "will", "project", "should", "believe", "plans",
"intends" and similar expressions are intended to identify such
forward-looking statements. These statements are based on
assumptions and analyses made by the Company in light of its
experience and its perception of historical trends, current
conditions and expected future developments, as well as other
factors the Company believes are appropriate under the
circumstances. However, whether actual results and developments
will meet the expectations and predictions of the Company depends
on a number of risks and uncertainties which could cause the actual
results, performance and financial condition to differ materially
from the Company's expectations, including those associated with
fluctuations in crude oil and natural gas prices, the exploration
or development activities, the capital expenditure requirements,
the business strategy, whether the transactions entered into by the
Group can complete on schedule pursuant to its terms and timetable
or at all, the highly competitive nature of the oil and natural gas
industries, the foreign operations, environmental liabilities and
compliance requirements, and economic and political conditions in
the People's Republic of China.
For a description of these and other risks and uncertainties,
please see the documents the Company files from time to time with
the United States Securities and Exchange Commission, including the
2013 Annual Report on Form 20-F filed on 17
April 2014.
Consequently, all of the forward-looking statements made in this
press release are qualified by these cautionary statements. The
Company cannot assure that the results or developments anticipated
will be realised or, even if substantially realised, that they will
have the expected effect on the Company, its business or
operations.
For further enquiries, please contact:
Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-6642
Fax: +86-10-8452-1441
E-mail: MR@cnooc.com.cn
Ms. Cathy Zhang
Hill+Knowlton Strategies Asia
Tel: +852-2894-6211
Fax: +852-2576-1990
E-mail: cathy.zhang@hkstrategies.com
SOURCE CNOOC Limited