HONG KONG, March 24, 2016 /PRNewswire/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
2015 annual results for the year ended December 31, 2015.
In 2015, the Company maintained an intensive exploration program
and made significant achievements in oil and gas exploration while
lowering exploration capital expenditures. During the year, the
Company made 16 new discoveries and successfully appraised 23 oil
and gas structures. In offshore China, the Company made independent new
discoveries including mid-to-large sized structure Liuhua 20-2, and
successfully appraised a number of mid-to-large sized oil and gas
structures such as Caofeidian 6-4. Overseas, we obtained new
discoveries in Algeria and
Nigeria, and successfully
appraised three oil and gas structures including Libra in
Brazil. Due to the low oil price,
the Company's reserve replacement ratio was 67% for the year. As at
the end of 2015, the Company's net proved reserves were
approximately 4.32 billion barrels of oil equivalent (BOE).
The Company successfully met its annual oil and gas production
target, with net oil and gas production reaching 495.7 million BOE,
an increase of 14.6% year-over-year (yoy). The seven projects
planned for 2015 have commenced production smoothly with many of
them coming on stream ahead of schedule, demonstrating once again
the Company's outstanding competence in project management.
During the year, the Company continued to proactively promote
the "Year of Quality and Efficiency" program. The Company
stimulated its operational vitality through management innovations
and effectively lowered operating costs by utilizing market
mechanisms. The Company has embarked on the path for future growth
through innovation in technology. We established a long-term
mechanism to optimize our cost structure, thereby laying a solid
foundation to offset the challenges posed by low oil price.
In 2015, the Company's average realized oil price was
US$51.27 per barrel, a decrease of
46.6% yoy, while the average realized natural gas price was
US$6.39 per thousand cubic feet, a
decline of 0.8% yoy. In addition, the Company's oil and gas sales
revenue was RMB146.6 billion,
representing a decline of 32.8% yoy. Due to the efforts of the
lowering costs and enhancing efficiency program, the Company's
all-in cost decreased by 5.9% yoy to US$39.82 per BOE, representing a cost decline for
the second consecutive year. The net profit declined by 66.4% yoy
to RMB20.25 billion.
In 2015, the Company's capital expenditures were RMB66.5 billion, representing a decrease of 37.9%
yoy.
In 2015, the Company's basic earnings per share was RMB0.45. The Board of Directors have proposed a
year-end dividend of HK$0.25 per
share (tax inclusive).
Mr. Yang Hua, Chairman of CNOOC
Limited, said, "In 2015, the Company achieved satisfactory results
in different areas of business notwithstanding the significantly
lower capital expenditure. Looking ahead, the Company may face more
complex and challenging production and operating environment. We
will continue to adjust our business strategy and intensify the
activities for the 'Year of Quality and Efficiency' program. We
will endeavor to allow more space for growth through reform and
innovation, and to consolidate our achievements through improved
systems and policies, so as to ensure the sustainable growth of the
Company."
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 Annual Report on Form 20-F filed in April
of the latest fiscal year.
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