HONG KONG, Oct. 24, 2019 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
key operational statistics for the third quarter of 2019.
The Company achieved a total net production of 124.8 million
barrels of oil equivalent ("BOE") for the third quarter of 2019,
representing an increase of 9.7% year over year ("YoY"). Production
from offshore China increased 8.9%
YoY to 80.2 million BOE, mainly attributable to production growth
from the commencement of new projects. Overseas production
increased 11.2% YoY to 44.6 million BOE, mainly due to the
contribution from the new projects of Egina and Appomattox.
During the period, the Company made three new discoveries and
drilled 19 successful appraisal wells. In offshore China, Kenli 6-1 in Bohai was successfully
appraised and is expected to be a mid-sized oil and gas structure.
In Guyana, the new discovery of
Tripletail was made in the Stabroek block, which is the fourteenth
oil discovery achieved in the block and will support the future
development of the Turbot area.
On development and production, three out of six new projects
planned for this year have commenced production. Bozhong 34-9 oil
field, Caofeidian 11-1/11-6 comprehensive adjustment project and
Wenchang 13-2 comprehensive adjustment project are undergoing
offshore commissioning.
The unaudited oil and gas sales revenue of the Company reached
approximately RMB48.34 billion for
the third quarter of 2019, representing an increase of 0.8% YoY,
mainly due to the increase in production offset the decrease in
realized prices. During this quarter, the Company's average
realized oil price decreased 14.9% YoY to US$60.89 per barrel, which is in line with the
international oil prices. The Company's average realized gas price
decreased 8.8% YoY to US$5.70 per
thousand cubic feet, mainly due to the increased proportion of gas
production with lower realized gas price.
For the third quarter of 2019, the Company's capital expenditure
increased 27.9% YoY to approximately RMB19.53 billion, mainly due to the significant
increase in workload.
Mr. Xu Keqiang, President of CNOOC Limited, commented: "In the
third quarter, the Company further strengthened its efforts in
exploration and development, seeing a steady increase in net
production in offshore China and
from overseas. The Company is confident of achieving the full-year
production and operation targets, and will strive to create maximum
and enduring 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,
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
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SOURCE CNOOC Limited