HONG KONG, Aug. 24, 2016 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
interim results for the six months ended June 30, 2016.
In the first half of the year, all businesses of the Company
including exploration and development have made steady progress.
Regarding exploration, the Company made six new discoveries and
drilled 26 successful appraisal wells. Among which, the Company
made six new discoveries and drilled 20 successful appraisal wells
in offshore China while it drilled
six successful appraisal wells overseas. The four projects
scheduled to come on stream for the year have been running
smoothly. Of which, Kenli 10-4 oilfield and Panyu 11-5 oilfield
have commenced production and the other two new projects are
progressing smoothly.
Benefiting from the effective implementation of cost control and
efficiency enhancement, the Company made remarkable achievements in
cost saving in the first half of the year, with key cost indicators
lowered significantly. The Company's all-in cost was US$34.86 per barrel of oil equivalent (BOE), a
decrease of 15.5% year-on-year (yoy). Of which, operating cost
decreased by 22.7% yoy to US$7.42 per
BOE and recorded a decrease yoy for both offshore China and overseas operations.
During the period, the Company's total net oil and gas
production reached 241.5 million BOE, representing an increase of
0.6% yoy. Net production from offshore China was 160.1 million BOE, with an increase
of 2.4% yoy, mainly attributable to the newly commenced projects in
Bohai and Western South China Sea. Net production from overseas
decreased by 2.9% to 81.5 million BOE, resulting from the shutdown
of the Long Lake project by the impact of the incident.
Impacted by the decline of international oil prices, the
Company's average realized oil price was US$37.70 per barrel in the first half of 2016,
representing a decline of 34.5% yoy. The average realized natural
gas price dropped by 16.2% yoy to US$5.49 per thousand cubic feet, mainly due to
the downward adjustment of natural gas prices by the Chinese
government in the second half of last year which led to price cuts
of some of the gas fields in offshore China. The Company's oil and gas sales revenue
were RMB55.08 billion, representing a
decline of 28.5% yoy. Net loss was RMB7.74
billion.
Mr. Yang Hua, Chairman and CEO of
the Company, said, "In view of the challenges from the external
environment, the Company strives to further enhance its industry
know-how and introduce innovative work methods and achieved steady
progress in all businesses, with the target of cost control and
efficiency enhancement. Keeping modest, we will continue to
identify areas for improvement and keep on learning, in order to
enhance the first-class competitiveness at the international level.
We will strengthen, improve and expand the Company to create
greater value for our shareholders."
In the first half of the year, the Company's basic loss per
share reached RMB0.17. The Board has
declared an interim dividend of HK$0.12 per share (tax inclusive) for 2016.
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. Ada Leung
Hill+Knowlton Strategies Asia
Tel: +852-2894 6225
Fax: +852-2576 1990
E-mail: ada.leung@hkstrategies.com
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SOURCE CNOOC Limited