HONG KONG, April 27, 2017 /PRNewswire/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
key operational statistics for the first quarter of 2017.
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For the first quarter of the year, the Company achieved total
net production of 119.1 million barrels of oil equivalent ("BOE"),
representing a decrease of 4.2% year-on-year ("YoY"), mainly due to
the natural decline of the producing oil and gas fields.
During the period, the Company made four new discoveries and
successfully drilled five appraisal wells in offshore China. Among them, the newly discovered
Bozhong 29-6 and Bozhong 29-6S in the mature area of Bohai
demonstrated favorable exploration potential of this area. The
successfully appraised Penglai 7-6 proved to be a mid-size oil and
gas structure. The Company also made one new discoveries and
successfully drilled one appraisal wells overseas.
To date, for the projects planned to commence production this
year, Penglai 19-9 oil field comprehensive adjustment project and
the Enping 23-1 oil fields have already come on stream, and the
other projects are moving smoothly.
For the first quarter of the year, the unaudited oil and gas
sales revenue of the Company reached approximately RMB38.39 billion, representing an increase of
55.8% YoY, mainly attributable to the significant rebound in
international oil prices. During the period, the Company's average
realized oil price increased by 58.7% YoY to US$51.64 per barrel, which was on par with the
trend of the international oil prices, while the average realized
gas price was US$6 per thousand cubic
feet, up 5.4% YoY.
For the first quarter of the year, the Company's capital
expenditure amounted to approximately RMB
8.67 billion, representing a decrease of 10.6% YoY, mainly
due to the YoY decrease in investment on development according to
the work schedule arrangement.
Mr. Yuan Guangyu, CEO of the Company, said, "Despite the
continued challenging market conditions, the Company has maintained
smooth production and operations during the first quarter of the
year. We will continue to enhance quality and efficiency, pursue
quality growth, and increase profitability-oriented production
volume."
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:
Mr. Yan Cao
Deputy General Manager, Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1417
Fax: +86-10-8452-1441
E-mail: caoyan@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852 2894 6263
Fax: +852-2576 1990
E-mail: HL.Wong@hkstrategies.com
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SOURCE CNOOC Limited