HONG
KONG, Oct. 24, 2023 /PRNewswire/ -- CNOOC
Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB
Counter), SSE: 600938) today announced its operating results for
the third quarter of 2023.
In the first three quarters of the year, the Company continued
to step up its efforts in exploration and development, thereby
obtaining steady growth in net production and further consolidating
its cost competitiveness.
In the nine months, the Company completed a net production of
499.7 million barrels of oil equivalent ("BOE"), representing an
increase of 8.3% year over year ("YoY"), hitting record high for
the same period of previous years. The net production from
China grew by 6.7% YoY to 345.5
million BOE, which was mainly attributable to the production growth
of Kenli 6-1 and Lufeng 15-1. The net production from overseas
increased by 11.8% YoY to 154.1 million BOE, mainly driven by
the production ramp-up from Liza Phase II in Guyana and Buzios in Brazil. Net production in the third quarter
reached 167.8 million BOE, representing a YoY growth of 7.0%.
For the first three quarters, the Company made 8 new discoveries
and successfully appraised 21 oil and gas bearing traps. In the
third quarter, the Company discovered Huizhou 26-6 North, which was confirmed to be
a medium-sized commercial discovery and expanded the resource scale
of medium-to-deep plays. For development and production, 3 new
projects were brought on-stream in the first three quarters,
including the Bozhong 28-2 South Oilfield Second Adjustment Project
and the Lufeng 12-3 Oilfield Development Project. Several other new
projects are moving forward smoothly.
The Company has maintained effective control over costs. The
all-in cost was cut by 6.3% YoY to US$28.37 per BOE. Strong growth in production
partially offset the impact of the fluctuation in international oil
prices. The Company achieved an unaudited oil and gas sales of
RMB238.4 billion and net profit
attributable to equity shareholders of RMB97.6 billion. The Company's average realized
oil price dropped by 24.2% YoY to US$76.84 per barrel, which was in line with the
trend of international oil prices. The average realized gas price
was US$7.92 per thousand cubic feet,
representing a decrease of 2.7% YoY, which was mainly due to lower
prices realized for overseas gas offtakes.
The Company's capital expenditures for the first nine months
were approximately RMB89.5 billion,
rising 30.2% YoY, which was mainly because of increased workloads
on projects under construction. To facilitate the growth of
reserves and production, the capital expenditure budget for 2023
was adjusted to RMB120-130
billion.
During the period, the Company made remarkable progress in green
development. "Haiyou Guanlan", China's first deep-sea floating wind power
platform, was successfully connected to the grid for power
generation. China's first offshore
CCS demonstration project officially commenced operation. Besides,
the Company's first onshore centralized photovoltaic project was
also connected to the grid for power generation.
Mr. Zhou Xinhuai, CEO and President of the Company, said, "In
the first three quarters, the Company achieved better-than-expected
operating results. Oil and gas reserves and production reached a
new high. Going forward, the Company will push forward the tasks
resolutely, and strive to meet the full-year targets."
— End —
Notes to Editors:
More information about the Company is available at
http://www.cnoocltd.com.
*** *** *** ***
This press release includes forward looking information,
including statements regarding the likely future developments in
the business of the Company and its subsidiaries, such as expected
future events, business prospects 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 as of this date in
light of its experience and its perception of historical trends,
current conditions and expected future developments, as well as
other factors that the Company currently believes are appropriate
under the circumstances. However, whether actual results and
developments will meet the current expectations and predictions of
the Company is uncertain. Actual results, performance and financial
condition may 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, environmental responsibility and
compliance requirements, the Company's price forecast, the
exploration and development activities, mergers, acquisitions and
divestments activities, HSSE and insurance policies and changes in
anti-corruption, anti-fraud, anti-money laundering and corporate
governance laws.
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. Cui Liu
Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-6641
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn
Mr. Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com
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SOURCE CNOOC Limited