HONG KONG, Oct. 25, 2017 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
key operational statistics for the third quarter of 2017.
For the third quarter of the year, the Company achieved a total
net production of 116.2 million barrels of oil equivalent ("BOE"),
representing a decrease of 1.3% year over year ("YoY"). Production
from offshore China decreased 2.4%
YoY to 73.8 million BOE, mainly due to production decline of
producing fields. Overseas production increased 0.7% YoY to 42.4
million BOE.
During the period, the Company made five new discoveries and
drilled nine successful appraisal wells. Successful appraisal of
Wushi 16-1W is expected to promote the development of Wushi
oilfield Phase II and build it into a mid-to-large size oilfield.
In overseas, new progress of exploration in Stabroek block has been
made, including the successful appraisal well Payara-2 and the new
discovery well Turbot-1.
To date, four out of five new projects planned for this year
have commenced production. Weizhou 12-2 oil field Phase II is under
installation and commissioning and expected to commence production
within the year .
For the third quarter of the year, the unaudited oil and gas
sales revenue of the Company reached approximately RMB 35.94 billion, representing an increase of
16.9% YoY, mainly due to the increase of average realized oil and
gas prices. During the period, the Company's average realized oil
price increased 20.4% YoY to US$50.87
per barrel, which mainly due to the increased international oil
prices. The Company's average realized gas price was US$6.05 per thousand cubic feet, representing an
increase of 15.9% YoY, mainly due to the increasing percentage of
sale volume of high-price in project offshore China and the rise of benchmark gas prices
overseas.
For the third quarter of the year, the Company's capital
expenditure reached approximately RMB 11.78
billion, almost flat from the same period of last year.
Mr. Yuan Guangyu, CEO of the Company, said, "During the third
quarter of the year, the Company made every effort to fully tap
potential, constantly push forward quality and efficiency
enhancement. Meanwhile, we are confident that we will achieve our
production and operation targets for the year and continuously
create greater value for the shareholders. "
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: CNOOC@hkstrategies.com
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SOURCE CNOOC Limited