HONG KONG, Oct. 28, 2015 /PRNewswire/ -- CNOOC Limited (the
"Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its
key operational statistics for the third quarter of 2015.
In the third quarter, the Company achieved a total net
production of 127.5 million barrels of oil equivalent (BOE),
representing a significant increase of 23.8% year over year (yoy).
Net production from offshore China
reached 83.3 million BOE, a 28.2% yoy increase, primarily due to
the production contribution from newly commenced projects in Bohai
and the Eastern South China Sea. Meanwhile, net production from
overseas rose 16.5% yoy to 44.3 million BOE, mainly because of
maintenance at the Buzzard oilfield during the same period last
year and new production from the Golden Eagle project in the U.K.
North Sea.
During the period, the Company made 3 new discoveries and
drilled fourteen successful appraisal wells in offshore
China. The Caofeidian 6-4
structure was successfully appraised and proved to be a mid-sized
oilfield, which represents a significant breakthrough after several
years of oil and gas exploration in western Bohai. The new
discovery of Liuhua 21-2 further demonstrated the exploration
potential of Baiyun Sag in Pearl River Mouth basin and is expected
to be developed jointly with adjacent oil structures in the area,
including Liuhua 20-2. In the third quarter, the Luda 10-1 oilfield
comprehensive adjustment project commenced production, while other
projects progressed smoothly.
In the third quarter, the unaudited oil and gas sales revenue of
the Company reached approximately RMB36.25
billion, representing a decline of 32.3% yoy. The Company's
average realized oil price declined by 50.7% yoy to US$48.84 per barrel, while the average realized
natural gas price declined by 3.0% yoy to US$6.41 per thousand cubic feet.
Facing a low oil price environment, the Company continued to
lower costs and enhance efficiency, in addition to decreasing its
full-year capital expenditures. During the period, the Company
reduced its capital expenditures by 44.0% yoy to approximately
RMB14.75 billion.
Mr. Li Fanrong, CEO of the
Company commented, "In the third quarter, the Company made smooth
progress in overall business, including exploration, development
and production. Our cost controls and enhanced efficiency measures
were executed effectively and achieved remarkable results as we
aimed to proactively respond to the impact of low oil prices.
Meanwhile, we are confident that we will achieve our production and
operation targets for the year."
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