2013: A Year with More Startups and Full Construction Schedule
HONG KONG, Jan. 30, 2013
HONG KONG, Jan. 30, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883) today announced a summary of the Company's business strategy
and development plan for the year 2013.
(Logo: http://www.prnasia.com/sa/200701301659.jpg )
The Company's net production target of 2013 is in the range of 338 to 348
million barrels of oil equivalent (BOE), while the net production for 2012 is
estimated to be 341 to 343 million BOE.
During the year, ten new oil and gas fields in offshore China are expected to
come on stream, among which the Liwan 3-1 gas field will become the first
large-sized deepwater gas field in offshore China. In addition, the startup of
Suizhong 36-1 phase II adjustment will make another successful story of the
comprehensive adjustment on producing fields, demonstrating the huge potential
of the Company's producing fields in offshore China. The Company will embrace
the construction peak in 2013, with 24 new projects under construction.
In 2013, the Company will drill around 140 exploration wells, acquire
approximately 15,400 kilometers 2-Dimensional (2D) and 24,800 square
kilometers 3-Dimensional (3D) seismic data, and continue to enhance the
deepwater exploration activities. In addition, a reserve replacement ratio
(RRR) of over 100% will be maintained in 2013.
During the year, in order to strengthen our exploration and development
business and support a sustainable growth, the Company's total capital
expenditure is expected to reach US$12 to 14 billion, among which the capital
expenditures for exploration, development and production account for around
19%, 70%, and 11% respectively.
Mr. Zhong Hua, CFO of the Company commented, "While the operating cost for the
energy sector keeps rising up, the Company will continue to execute stringent
cost control and prudent financial policy. Meanwhile, we will maintain a
robust capital expenditure plan to support our production and reserve growth
in the future."
"We are confident to achieve 6% to 10% CAGR on production growth from 2011 to
2015. In 2013, the Company will continue to strengthen our exploration,
development and construction activities to further facilitate the Company's
growth in the future," said Mr. Li Fanrong, CEO of the Company.
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
analysis made by the Company in light of its experience and perception of
historical trends, current conditions and expected future developments, as
well as other factors that the Company believes reasonable under the
circumstances. However, whether actual results and developments will meet the
Company's expectations and predictions depends on a number of risks and
uncertainties which could cause the actual results, performance and financial
conditions to differ materially from the Company's expectations, including
those associated with fluctuations in crude oil and natural gas prices, the
exploration or development activities, the capital expenditure requirements,
the business strategy, the highly competitive nature of the oil and natural
gas industries, the foreign operations, environmental liabilities and
compliance requirements, and economic and political conditions in the People's
Republic of China. For a description of these and other risks and
uncertainties, please see the documents the Company has filed from time to
time with the United States Securities and Exchange Commission, including 2011
Annual Report on Form 20-F filed on April 20, 2012.
Consequently, all of the forward-looking statements made in this press release
are qualified by these cautionary statements. The Company cannot assure that
the actual results or developments anticipated will be realized or, even if
substantially realized, that they will have the expected effect on the
Company, its business or operations.
For further enquiries, please contact:
Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
Ms. Angela Hui
Ketchum Newscan Public Relations Ltd.
SOURCE CNOOC Limited
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