HONG KONG, Jan. 19, 2017 /PRNewswire/ -- CNOOC Limited
(the "Company") (SEHK: 00883, NYSE:
CEO, TSX: CNU) today announced its business strategy and
development plan for the year 2017.
The Company's net production target for 2017 is in the range of
450 to 460 million barrels of oil equivalent (BOE), of which
approximately 64% and 36% are produced in China and overseas, respectively. The net
production targets set for 2018 and 2019 are 455 million to 465
million BOE and 460 million to 470 million BOE, respectively. The
net production for 2016 is expected to be approximately 476 million
BOE.
There will be 5 new projects coming on stream during the year,
of which the Penglai 19-9 oilfield comprehensive adjustment project
and the Enping 23-1 oilfields in China have commenced production. The other
three projects, namely phase two of the Weizhou 12-2 oilfield
project in China, the BD gas field
in Indonesia and the Hangingstone
project in Canada will commence
production as scheduled in the year. Currently, nearly 20 projects
are under construction.
In 2017, the Company plans to drill 126 exploration wells and
acquire approximately 13 thousand square kilometers of
3-Dimensional (3D) seismic data.
The Company's total capital expenditure for 2017 will be in the
range of RMB60.0 to RMB70.0 billion.
Of that amount, the capital expenditures for exploration,
development and production will account for around 18%, 66% and 15%
respectively. The Company will maintain prudent fiscal management
and enhance capital efficiency to facilitate sustainable
development.
Mr. Yuan Guangyu, President of the Company, said: "We will
maintain prudent financial policy and improve capital efficiency in
response to the continued challenge posed by low oil prices. Also,
we will optimize the Company's asset portfolio and focus on return
to make steady progress in all businesses."
Mr. Yang Hua, Chairman and CEO
of the Company, commented: "In 2017, we will balance both
short-term and mid to long-term development, pursue quality growth,
increase profitability-oriented production volume in order to bring
better return for our investors."
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
E-mail: hl.wong@hkstrategies.com
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SOURCE CNOOC Limited