HONG KONG, Oct. 26, 2016 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
key operational statistics for the third quarter of 2016.
For the third quarter of the year, the Company achieved total
net production of 117.7 million barrels of oil equivalent ("BOE"),
representing a decrease of 7.7% year-on-year ("YoY"), mainly due to
the decline of production volume in oil and gas fields and weak
demand in the domestic downstream gas market.
During the period, the Company made one new discovery and drilled ten successful
appraisal wells offshore China.
During the third quarter, Weizhou 6-9/6-10 comprehensive adjustment
project and Enping 18-1 oilfield commenced production. The four
projects that were planned to come on stream in 2016 have all
commenced production.
For the third quarter of the year, the unaudited oil and gas
sales revenue of the Company reached approximately RMB30.75 billion, representing a decrease of
15.2% YoY. The Company's average realized oil price decreased by
13.5% YoY to US$42.26 per barrel,
while the average realized gas price was US$5.22 per thousand cubic feet, down 18.6%
YoY.
To cope with the low oil price environment, the Company
continued to lower costs, enhance efficiency and cut capital
expenditure for the whole year. During the period, the Company's
capital expenditure amounted to approximately RMB11.67 billion, representing a decrease of
20.9% YoY.
Mr. Yang Hua, Chairman and CEO of
the Company, said, "In view of the market challenges during the
third quarter of the year, the Company endeavored to lower costs
and enhance efficiency, as well as made proactive efforts in all
fields. In addition, the Company is confident in meeting the full
year target of its key operating indicators."
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. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax: +852-2576 1990
Email: hl.wong@hkstrategies.com
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SOURCE CNOOC Limited