HONG KONG, April 24, 2015 /CNW/ -- CNOOC Limited (the
"Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its
key operational statistics for the first quarter of 2015.
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Total net production in the first quarter of 2015 increased 9.4%
year over year ("YoY") to 118.3 million barrels of oil equivalent
("BOE"), primarily due to the production contribution from new
projects that came on stream in offshore China since 2014.
In the first quarter, the Company made 3 new discoveries. In
offshore China and overseas, the
Company made 9 and 3 successful appraisal wells, respectively. In
offshore China, the new discovery
Penglai 20-2 is expected to drive the joint development with the
adjacent Penglai 20-3 oil field. After successful appraisals, the
Bozhong 34-9 oil and gas structure is expected to be developed into
a mid-sized oil and gas field.
Jinzhou 9-3 comprehensive adjustment project and Kenli 10-1 oil
field commenced production as scheduled in 2015, while other
projects progressed smoothly.
During the period, the unaudited oil and gas sales revenue of
the Company were approximately RMB35.54
billion, a decrease of 39.9% YoY, due to the sharp decline
in international oil prices. The Company's average realized oil
price decreased by 49.0% YoY to US$53.40 per barrel while the average realized
gas price increased by 5.5% YoY to US$6.68 per thousand cubic feet.
Facing the challenges created by low oil prices, the Company
continued to lower costs and enhance efficiency, and adjusted its
operating strategy by decreasing capital expenditures. In the first
quarter, the Company's capital expenditures decreased by 15.7% YoY
to approximately RMB15.94
billion.
Mr. Li Fanrong, CEO of the
Company commented, "Under the harsh circumstances, the Company's
overall production and operations remained stable in the first
quarter. Our cost control and enhanced efficiency measures were
executed effectively and achieved good results. We will continue to
strengthen our internal operations management, exercise strict cost
control and enhance efficiency to proactively respond to the impact
of low oil prices and to effectively promote various production and
operational plans."
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 but not limited to 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
their 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 2014 Annual Report on Form 20-F filed on
22 April 2015.
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
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SOURCE CNOOC Limited