HONG KONG, Oct. 25, 2018 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
key operational statistics for the third quarter of 2018.
The Company achieved a total net production of 113.8 million
barrels of oil equivalent ("BOE") for the third quarter of 2018,
representing a decrease of 2.1% year over year ("YoY"). Production
from offshore China reached 73.7
million BOE, almost flat from the same period last year. Overseas
production decreased 5.4% YoY to 40.1 million BOE, mainly due to
the lower production efficiency in the UK North Sea as a result of
the preparation work for infill drilling program.
During the period, the Company made four new discoveries and
drilled fourteen successful appraisal wells. The new discovery of
Luda 4-3 made in offshore China
was preliminarily evaluated as a mid-sized oil and gas structure.
Successful drilling of Longtail Structure and Hammerhead Structure
at the Stabroek block in Guyana
further enhanced the asset value and laid a high-quality resource
foundation for future development.
On development and production, three out of five new projects
planned for this year have commenced production. Dongfang 13-2 gas
fields and Wenchang 9-2/9-3/10-3 gas fields are under installation
and commissioning, and expected to commence production within the
year.
The unaudited oil and gas sales revenue of the Company reached
approximately RMB 47.93 billion for
the third quarter of 2018, representing an increase of 33.4% YoY,
mainly benefitting from the increase of international oil prices.
During the period, the Company's average realized oil price
increased 40.7% YoY to US$71.55 per
barrel and the average realized gas price increased 3.4% YoY to
US$6.26 per thousand cubic feet.
For the third quarter of 2018, the Company's capital expenditure
increased 29.6% YoY to approximately RMB
15.27 billion, mainly due to the increase in development and
production workload.
Mr. Yuan Guangyu, CEO of the Company, said, "In the third
quarter, the Company carried out a stable operation of production
and its operating conditions went from strength to strength. The
Company will keep this momentum to achieve the full-year targets of
production and operation. CNOOC Limited will push ahead with
high-quality development and continue to create value for its
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:
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
Logo -
http://photos.prnasia.com/prnh/20150819/8521505396LOGO
View original
content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-key-operational-statistics-for-the-third-quarter-of-2018-300737742.html
SOURCE CNOOC Limited