HONG KONG, Jan. 19, 2016 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
business strategy and development plan for the year 2016.
The Company's net production target for 2016 is in the range of
470-485 million barrels of oil equivalent (BOE), of which
approximately 66% and 34% are produced in China and overseas respectively. The net
production targets set for 2017 and 2018 are around 484 and 502
million BOE respectively. The estimated net production for 2015 was
approximately 495 million BOE.
There will be 4 new projects coming on stream, including the
Kenli 10-4, Panyu 11-5, Weizhou 6-9/6-10 oilfield comprehensive
adjustment and Enping 18-1. Currently, nearly 20 projects are under
construction.
Within the year, we plan to drill around 115
exploration wells and acquire approximately 10 thousand kilometers
of 2-Dimensional (2D) seismic data as well as approximately 14
thousand square kilometers of 3-Dimensional (3D) seismic data.
The Company's total capital expenditure for 2016 will be no more
than RMB60.0 billion. Of that amount,
the capital expenditures for exploration, development and
production will account for around 19%,64% and 13% respectively.
The Company expects to achieve the whole-year targets by cost
control and efficiency enhancement despite the lower capital
expenditure.
Mr. Zhong Hua, CFO of the
Company, commented: "In response to the continued challenge posed
by low oil prices, we will maintain prudent financial policy and
further strengthen cost-control measures in order to make steady
progress in the overall business, including exploration,
development and production."
Mr. Li Fanrong, CEO of the
Company, commented: "Faced with an increasingly complicated
operating environment in 2016, the Company will fully utilize
market mechanisms and combine innovations in technology and
management in order to reduce costs and enhance efficiency. In
addition, the Company will ensure an appropriate balance between
short-term returns and long-term growth to promote a steady and
healthy 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 analysis made by the Company in light of its
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors that the
Company believes reasonable under the circumstances. However,
whether actual results and developments will meet the Company's
expectations and predictions depends on a number of risks and
uncertainties which could cause the actual results, performance and
financial conditions 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 Company can
complete on schedule pursuant to its 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 has filed from time to time with the
United States Securities and Exchange Commission, including 2015
Annual Report on Form 20-F filed on April
24, 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