HONG KONG, Aug. 19, 2020 /PRNewswire/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
2020 interim results for the six months ended June 30, 2020.
Facing the unprecedented challenges in the first half of 2020,
CNOOC Limited held fast to the bottom line of safe and healthy
development, made timely adjustment to its business strategies, and
took effective measures to minimize the impact imposed by low oil
prices and the COVID-19 pandemic. The Company's operation and
production maintained stable with no project delayed in offshore
China and zero infection on its
offshore platforms and vessels. Remaining committed to increase its
oil and gas reserves and production, as well as continuing to
promote quality and efficiency enhancement and cost controls, the
Company saw great achievements in its performance results.
In the first half of the year, a total of 5 discoveries were
made, and 20 oil and gas bearing structures were successfully
appraised. In Bohai, Kenli 6-1, an oilfield with proved in-place
volume of crude oil over 100 million tons, was efficiently
appraised, achieving another major breakthrough in exploration
after Bozhong 19-6. In the Eastern South China Sea, a significant
discovery of Huizhou 26-6 was
made, which was the biggest oil and gas field discovered by
independent exploration in the Pearl River Mouth Basin. In the
Stabroek block of Guyana, the
sixteenth discovery of Uaru was made, and the aggregate recoverable
resources in the block exceeded 8.0 billion barrels of oil
equivalent ("BOE"). These discoveries have further laid the
foundation for sustainable development of the Company.
Oil and gas production of the Company amounted to 257.9 million
BOE, representing an increase of 6.1% year-over-year. Among the ten
new projects scheduled to commence production this year, Liza
oilfield phase I, Penglai 19-3 oilfield block 4 adjustment/ Penglai
19-9 oilfield phase II, Qinhuangdao 33-1 South oilfield phase I and
Luda 21-2 / Luda 16-3 oilfield regional development project have
successfully commenced production in the first half of the year.
Other projects are proceeding actively.
In response to volatile oil prices, CNOOC Limited has taken
various measures to control cost and enhance efficiency. Our all-in
cost and operating cost per BOE have been further reduced to
US$25.72 and US$6.50 respectively, the record low in the
recent decade. Oil and gas sales revenue reached RMB66.34 billion, as well as net profit amounted
to RMB10.38 billion, despite the
sharp decrease of Brent oil prices. The Company's capital
expenditure in the first half of the year was RMB35.6 billion. To reward the long-standing
support from its shareholders, the Board of Directors has declared
an interim dividend of HK$0.20 per
share (tax inclusive) for the first half of 2020 by taking into
account the Company's strong balance sheet and cash flow.
Mr. Wang Dongjin, Chairman of CNOOC Limited, said "Due to the
stringent management and control measures, as well as the
extraordinary efforts of all employees, the Company has delivered a
better-than-expected operating results in the first half of the
year. Forging ahead, we will stay confident and determined,
overcome the difficulties to strive to meet our annual targets and
create greater value for our shareholders."
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,
macro-political and economic factors, changes in the tax and fiscal
regimes of the host countries in which we operate, the highly
competitive nature of the oil and natural gas industry, the
exploration and development activities, mergers, acquisitions and
divestments activities, environmental responsibility and compliance
requirements, foreign operations and cyber system attacks.
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. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn
Ms. Ada Leung
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
E-mail: CNOOC@hkstrategies.com
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SOURCE CNOOC Limited