HONG KONG, Aug. 29, 2019 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
2019 interim results for the six months ended June 30, 2019.
CNOOC Limited devoted efforts in exploration and development
activities during the first half of 2019 through a pragmatic and
enterprising approach, and successfully increased oil and gas
reserves and production levels. The Company's amount of exploration
and development activities reached a record high with improving key
financial indicators. Overall, the Company's operating results
improved steadily and it successfully achieved its targets.
In the first half of the year, 16 new discoveries were made and
35 successful appraisal wells were drilled. Among them, the
appraisal of Bozhong 19-6 condensate gas field in Bohai,
China achieved encouraging
successes, adding proved in-place volume of exceeding 100 million
tons of oil equivalent, and providing a strong resource foundation
for sustainable development of Bohai. In Stabroek block of
Guyana, three new discoveries were
made and the recoverable resources were further expanded to more
than 6.0 billion barrels of oil equivalent ("BOE"). The Glengorm
discovery in the North Sea announced at the beginning of the year
was proved to be the largest oil and gas discovery in U.K. in the
past decade, further consolidating the Company's leading position
in U.K. oil and gas exploration and production industry.
Oil and gas production remained stable in the first half of the
year, with a net production of 243.0 million BOE, representing an
increase of 2.1% year on year. Among the six new projects scheduled
to commence production this year, the Egina oilfield, Huizhou 32-5 oilfield comprehensive
adjustment/Huizhou 33-1 oilfield
joint development project and Appomattox project have successfully
commenced production in the first half of the year. Other projects
are promoted actively.
During the period, the Company's profitability and financial
status continued to improve. Through effective control, our
all-in-cost fell below US$30 per BOE,
reaching US$28.99, representing a
decrease of 8.9% year on year, which reinforced our cost
competitiveness. The Company's capital expenditure was RMB33.7 billion, representing an increase of
60.5% year on year. Oil and gas sales reached RMB94.28 billion, representing a year-on-year
increase of 4.4%; net profits amounted to RMB30.25 billion; and earnings per share was
RMB0.68, representing a significant
increase of 18.7% year on year. The Board of Directors has declared
an interim dividend of HK$0.33 per
share (tax inclusive) for the first half of 2019 by taking into
account the Company's financial performance.
Mr. Yang Hua, Chairman of CNOOC
Limited, commented: "In the first half of 2019, with determined
efforts to develop the Company's business through innovation, the
management and staff devoted efforts in exploration and development
activities through a pragmatic and enterprising approach,
successfully increased oil and gas reserves and production levels
achieving outstanding results in high-quality development. Going
forward, the Company will continue to strengthen its strategic
guidance, re-allocate its resources accordingly and press forward
with all major tasks to achieve its major production and operation
targets for the year thus to create a new era of high-quality
development and 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,
macro-political and economic factors, changes in the tax and fiscal
regimes of the host countries in which we operate, the highly
competitive nature of the oil and natural gas industry, the
exploration and development activities, mergers, acquisitions and
divestments activities, environmental responsibility and compliance
requirements, foreign operations and cyber system attacks.
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
Logo -
http://photos.prnasia.com/prnh/20150819/8521505396LOGO
View original
content:http://www.prnewswire.com/news-releases/significant-successes-achieved-in-exploration-and-development-with-net-profit-surged-300909049.html
SOURCE CNOOC Limited