HONG KONG, March 27, 2015 /PRNewswire/ -- CNOOC
Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today
announced its 2014 annual results for the year ended December 31, 2014.
Logo - http://www.prnasia.com/sa/200701301659.jpg
In 2014, the Company achieved various breakthroughs in
exploration and the reserve replacement ratio for the year was
112%. Benefitting from the Company's innovations in "thinking
outside the box", technology and management, the Company made 20
new commercial discoveries and appraised 18 oil and gas structures
successfully. In the Western South China Sea, the milestone
deepwater gas discovery Lingshui 17-2
marks a breakthrough in our independent deepwater
exploration. A number of mid-to-large sized crude oil discoveries
were made in Bohai, and at the end of 2014, the Company's net
proved reserves were approximately 4.48 billion barrels of oil
equivalent ("BOE"), laying a solid foundation for the Company's
sustainable development.
Last year, the Company achieved outstanding performance in
development and production as oil and gas projects came on stream
at a strong pace. A total of 13 new projects commenced production
in succession. Including the Golden Eagle project in the UK North
Sea, many of the new projects came on stream ahead of schedule and
under budget. At the beginning of the year, the first large-scale
deepwater gas field Liwan 3-1 successfully delivered first
production, representing a new breakthrough for the Company's
deepwater oil and gas field development. In 2014, net oil and gas
production reached 432.5 million BOE, an increase of 5.1%
year-over-year ("yoy"), meeting the production target set at the
beginning of the year.
In overseas development, the Company's integration with Nexen
made remarkable progress and other overseas operations also
progressed smoothly. All of Nexen's assets performed well as
evidenced by Buzzard production exceeding target for the second
year in a row with high production efficiency and increasing
production efficiency for the oil sands project at Long Lake in
Canada.
During the period, our financial statements reflected that
lowering costs and enhancing efficiency program achieved expected
outcomes. The Company proactively promoted "the Year of Quality and
Efficiency" program throughout the year to review and strengthen
cost-control measures. Under this program, the Company continued to
streamline the management flow in exploration, development and
production, and to lower costs for projects under construction. The
Company also strengthened the integration of exploration and
development, and improved efficiencies for oil and gas fields.
In 2014, the Company's average realized oil price was
US$96.04 per barrel, a decrease of
8.2% yoy, while the average realized natural gas price was
US$6.44 per thousand cubic feet, an
increase of 11.4% yoy. In addition, the Company's oil and gas sales
revenue were RMB218.21 billion,
representing a decline of 3.6% yoy. The Company's all-in cost was
US$42.30 per BOE, a decrease of 6.0%
yoy, and net profit amounted to RMB60.20
billion, an increase of 6.6% yoy.
In 2014, the Company's capital expenditures were RMB107.0 billion, representing an increase of
17.7% yoy.
Mr. Li Fanrong, CEO of the
Company, said, "In 2014, the entire Company focused on cost
control, which effectively improved production and operational
efficiency, helped the Company meet its various targets set at the
beginning of the year, and laid a solid foundation for the
Company's sustainable development in response to the impact of low
oil prices. In 2015, the Company will adjust its operating strategy
to adapt to a more complex and changing environment in order to
meet all the targets for the year."
In 2014, the Company's basic earnings per share was RMB1.35. The Board of Directors have proposed a
year-end dividend of HK$0.32 per
share (tax inclusive).
Mr. Wang Yilin, Chairman of CNOOC Limited, said, "2014 was a
particularly challenging year for the Company. Faced with different
challenges, we have maintained our confidence, worked hand in hand
to map out our long-term strategy and tackled our immediate
problems in order to achieve solid growth in different areas of our
business. This year, we will continue to promote the 'New Leap
Forward' strategy, proactively carry out innovative measures, and
enhance quality and efficiency in order to build a solid foundation
for our long-term 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
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cnooc-limited-exploration-and-development-laid-solid-foundation-lowering-costs-and-enhancing-efficiency-program-achieved-outstanding-results-300056933.html
SOURCE CNOOC Limited