HONG KONG, Jan. 13, 2020 /PRNewswire/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced
its business strategy and development plan for the year 2020.
The Company's targeted net production for 2020 is 520 million to
530 million barrels of oil equivalent (BOE), of which, production
from China and overseas accounts
for approximately 64% and 36%, respectively. The Company's net
production for 2019 is expected to be approximately 503 million
BOE. The Company's net production for 2021 and 2022 are estimated
to be around 555 million BOE and 590 million BOE, respectively.
The Company's total capital expenditure for 2020 is budgeted at
RMB85 billion to RMB95 billion. The capital expenditures for
exploration, development, production and others will account
for approximately 20%, 58%, 20% and 2% of the total capital
expenditure, respectively.
In 2020, the Company plans to drill 227 exploration wells and
collect approximately 27 thousand square kilometers 3-Dimensional
(3D) seismic data.
In 2020, ten new projects are expected to come on stream, namely
Penglai 19-3 oil field block 4 adjustment/Penglai19-9 oil field
phase II, Qinhuangdao 33-1 South oil field phase I, Bozhong 19-6
gas field pilot area development project, Luda 16-3/21-2 joint
development project, Nanbao 35-2 oil filed S1 area, Jinzhou 25-1
oil field 6/11 area, Liuhua 29-1 gas field development project and
Liuhua 16-2 oil field/20-2 oil field joint development project in
offshore China, Liza oil field
phase 1 in Guyana and Buzzard oil
field phase II in the UK. Among which, Liza oil field phase 1 in
Guyana has already come on stream
ahead of schedule.
Mr. Xie Weizhi, CFO of the Company, said, "The Company will
continue to maintain cost competitiveness, maintain prudent
investment decision-making, and ensure the effective implementation
of the capital expenditure plan to fully promote the Company to a
new phase of high-quality development."
Mr. Xu Keqiang, CEO and the President of the Company, said,
"In 2020, the Company will steadily increase its oil and gas
reserves and production, pursue profitable reserves and production,
lay a solid foundation for high-quality development through
technology innovations and management enhancement, and create
excellent returns for our 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