HONG KONG, April 25, 2019 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
key operational statistics for the first quarter of 2019.
The Company achieved a total net production of 120.1 million
barrels of oil equivalent ("BOE") for the first quarter of 2019,
remaining stable compared to the same period last year. Production
from offshore China increased 2.3%
year over year ("YoY") to 79.3 million BOE, mainly attributable to
commencement of production of new projects. Overseas production
decreased 4.2% YoY to 40.8 million BOE, mainly due to completion of
historical investment recovery of Missan project in Iraq and expiration of contract of SES block
in Indonesia.
During the period, the Company made four new discoveries and
drilled ten successful appraisal wells. In Bohai, the new discovery
Luda 25-1 is expected to be a mid-sized oil-bearing structure. In
Guyana, two new discoveries,
namely Tilapia and Haimara, were made in the Stabroek block, which
represent the eleventh and twelfth oil discoveries achieved in the
block. In addition, on April 18, the
operator, ExxonMobil has announced Yellowtail as the thirteenth
discovery in the block.
For the new projects planned to commence production this year,
Egina oilfield in Nigeria and
Huizhou 32-5 oilfield
comprehensive adjustment/Huizhou
33-1 oilfield joint development project in offshore China have commenced production successfully,
other projects progressed smoothly.
The unaudited oil and gas sales revenue of the Company reached
approximately RMB 42.05 billion for
the first quarter of 2019, down 1.1% YoY. During the period, the
Company's average realized oil price decreased 4.3% YoY to
US$60.78 per barrel, which is in line
with the international oil prices. The Company's average realized
gas price was US$6.88 per thousand
cubic feet, increasing by 6.3% YoY, primarily driven by the
increased production proportion from gas fields of higher realized
gas price.
For the first quarter of 2019, the Company's capital expenditure
reached approximately RMB 14.08
billion, up 45.8% YoY as a result of increased workload.
Mr. Yuan Guangyu, CEO of the Company, said, "In the first
quarter of the year, the Company's overall production and
operations remained stable, capital expenditure increased
substantially. Looking ahead, we will steadily increase oil and gas
reserve and production, continuously adhere to the concept of green
and low-carbon and promote the high-quality development of the
Company, strive to achieve the overall target for the year."
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. Ada Leung
Hill+Knowlton Strategies Asia
Tel: +852 2894 6225
Fax: +852 2576 1990
E-mail: CNOOC@hkstrategies.com
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SOURCE CNOOC Limited