HONG KONG, April 28, 2016 /PRNewswire/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
key operational statistics for the first quarter of 2016.
The Company achieved total net production of 124.3 million
barrels of oil equivalent ("BOE") for the first quarter of 2016,
representing an increase of 5.1% year over year ("YoY"), mainly
attributable to the production contribution from new projects in
offshore China that commenced
production during 2015.
For the first quarter of 2016, the Company made 3 new
discoveries and drilled 4 successful appraisal wells offshore
China, among which we successfully appraised Caofeidian
12-6 oil and gas structure. The Company also drilled three
successful appraisal wells overseas.
For the projects planned to commence production this year, Kenli
10-4 oilfield and Panyu 11-5 oilfield have commenced production,
and the other projects progressed smoothly.
During the period, the unaudited oil and gas sales revenue of
the Company reached approximately RMB24.64
billion, representing a decrease of 30.7% YoY, mainly due to
the sharp decrease in international oil prices. The Company's
average realized oil price decreased 39.1% YoY to US$32.54 per barrel while the average realized
gas price was US$5.69 per thousand
cubic feet, down 14.8% YoY.
For the first quarter of 2016, the Company's capital expenditure
reached approximately RMB9.69
billion, representing a decrease of 39.2% YoY, mainly
because the Company further decreased capex budget for the whole
year to reflect low oil price environment.
Mr. Li Fanrong, CEO of the
Company commented, "Despite the changing industry environment and
the challenges resulting from low oil prices, the Company achieved
stable results for production and operation in the first quarter.
Going forward, we will continue with our operating strategies under
the low oil price environment, intensify reform and innovation, and
reinforce the sustainable development 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. Samantha Wang
Hill+Knowlton Strategies Asia
Tel: +852-2894-6266
Fax:
+852-2576-1990
E-mail:
samantha.wang@hkstrategies.com
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SOURCE CNOOC Limited