HONG KONG, Feb. 3, 2015 /CNW/ -- CNOOC Limited (the
"Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its
business strategy and development plan for the year 2015.
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The Company's net production target for 2015 is in the range of
475 to 495 million barrels of oil equivalent (BOE), of which
production from China and overseas
accounts for approximately 67% and 33% respectively. The net
production targets set for 2016 and 2017 are around 509 and 513
million BOE respectively. The estimated net production for 2014 is
approximately 432 million BOE.
There will be 7 new projects coming on stream, including the
Jinzhou 9-3 comprehensive adjustment project which already
commenced production. Both the Kenli 10-1 project and the Bozhong
28/34 comprehensive adjustment project located in Bohai are
expected to reach peak production of around 36 and 30 thousand BOE
per day respectively.
Within the year, we plan to drill around 162 exploration wells
and acquire approximately 36 thousand kilometers of 2-Dimensional
(2D) seismic data as well as approximately 14 thousand square
kilometers of 3-Dimensional (3D) seismic data. The reserve
replacement ratio (RRR) is targeted at over 100%.
The total capital expenditure budget is in the range of
RMB70 billion to 80 billion in 2015
with a decrease of 26-35% over the estimated realized capital
expenditure for 2014, among which the capital expenditures for
exploration, development and production account for around 21%, 67%
and 10% respectively. The Company expects to achieve all of its
annual targets by cost control and efficiency enhancement despite
the lower capital expenditure.
Mr. Zhong Hua, CFO of the
Company, commented, "In response to challenges from falling oil
prices, we will control our costs and strive for the effective
implementation of our capital expenditure plan in order to improve
the overall performance of the Company."
Mr. Li Fanrong, CEO of the
Company, commented, "Facing the complicated and highly volatile
macro environment in 2015, the Company will continue to strengthen
the management of internal operations and make efforts to meet
annual operational targets. Meanwhile, the Company will ensure an
appropriate balance between short-term return and long-term
development, and implement prudent capital investment plan in order
to continuously carry out its 'New Leap Forward' strategy."
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 April 17, 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 realized or, even if substantially realized, 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
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SOURCE CNOOC Limited