HONG KONG, March 25, 2020 /PRNewswire/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced
its 2019 annual results for the year ended December 31, 2019.
In 2019, CNOOC Limited has achieved remarkable results, with
multiple operating indicators reached a record level since its
listing. Total net oil and gas production of the Company amounted
to 506.5 million barrels of oil equivalent ("BOE"), exceeding
500 million BOE for the first time. Multiple projects safely
commenced production ahead of schedule.
The Company continued to strengthen its exploration and
development efforts, and the workload reached a record high. During
the year, 23 commercial discoveries were made and 30 oil and
gas bearing structures were successfully appraised. The appraisal
of Bozhong 19-6 condensate gas fields in offshore China made breakthrough again, with
newly-added proved in-place volume of nearly 200 million cubic
meters of oil equivalent. In addition, five new discoveries
were made in Stabroek block in Guyana, with aggregate recoverable resources
of more than 8 billion BOE. Reserve replacement ratio of the year
reached 144% and the reserve life remained stable at a level above
10 years, which further strengthened the resource foundation for
the future development. As at the end of 2019, the net proved
reserves of the Company exceeded 5 billion BOE in total.
In 2019, the Company's average realized oil price was
US$63.34 per barrel, down 5.8%
year-over-year (YoY). The average realized natural gas price was
US$6.27 per thousand cubic feet, down
2.2% YoY. Oil and gas sales revenue reached RMB197.2 billion, an increase of 5.7% YoY. The
Company continued to promote the long-term mechanism for quality
and efficiency enhancement, and maintained its cost
competitiveness. In 2019, the all-in cost per BOE decreased by 2.0%
to US$29.78, achieving a reduction
for the sixth consecutive year. Volume growth and effective cost
control led to better profitability with total net profit rising
significantly to RMB61.05 billion, an
increase of 15.9% YoY, despite more than 10% drop in international
oil prices.
During the year, the Company's capital expenditures were
RMB79.6 billion, which fully
supported the exploration and development activities. A healthy
financial position and abundant free cash flow were maintained. In
2019, the Company's basic earnings per share was RMB1.37. The Board of Directors has proposed a
final dividend of HK$0.45 per
share (tax inclusive).
Mr. Wang Dongjin, Chairman of CNOOC Limited, said: "In 2019,
CNOOC Limited adhered to the high-quality development philosophy
and exerted excellent organizational and management skills in
production and operation, surpassing the annual production target,
delivering robust results to the shareholders. In the future, we
will continue to focus on our own development, implement more
stringent cost controls and more prudent investment decisions,
strengthen cash flow management, and maintain the Company's
long-term sustainable development."
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