HONG KONG, April 20, 2018 /PRNewswire/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
key operational statistics for the first quarter of 2018.
The Company achieved total net production of 120.1 million
barrels of oil equivalent ("BOE") for the first quarter of 2018,
representing an increase of 0.8% year over year ("YoY"). Production
from offshore China decreased 1.2%
YoY to 77.5 million BOE, mainly due to normal decline of the
producing fields. Overseas production increased 4.7% YoY to 42.6
million BOE, mainly driven by production growth of Missan project
in Iraq and an increase of
interests held by Bridas in Pan American Energy.
During the period, the Company made six new discoveries and
drilled fifteen successful appraisal wells. In Eastern South China Sea, new discoveries of
Enping 10-2 and Enping 15-2 are expected to be jointly developed
with Enping 15-1 to become a mid-sized oilfield. Another two new
discoveries, Ranger and Pacora, were made at the Stabroek block in
Guyana, which represent the sixth
and seventh oil discoveries at the block to date.
For the new projects planned to commence production this year,
Stampede oil field and Weizhou 6-13 oil field have commenced
production, and other projects have progressed smoothly.
The unaudited oil and gas sales revenue of the Company reached
approximately RMB 42.54 billion for
the first quarter of 2018, representing an increase of 10.8% YoY,
mainly due to the significant rebound in international oil prices.
During the period, the Company's average realized oil price
increased 23.0% YoY to US$63.50 per
barrel, which is in line with the international oil prices trend.
The Company's average realized gas price was US$6.47 per thousand cubic feet, increasing by
7.8% YoY, primarily due to the increased volume from gas fields
with higher realized gas price.
For the first quarter of 2018, the Company's capital expenditure
reached approximately RMB 9.66
billion.
Mr. Yuan Guangyu, CEO of the Company, said, "In the first
quarter of the year, the global economy continued to make a stable
recovery. During this time, the Company had strong performance
meeting its production and operational plan. Building on our
experience during the low oil price environment, the Company
successfully delivered improved growth in the first quarter. Going
forward, we will sustain this growth by enhancing quality and
efficiency through innovation and maintaining strong cost
competitiveness."
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. 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. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894-6263
Fax: +852-2576-1990
E-mail: cnooc@hkstrategies.com
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SOURCE CNOOC Limited