CNOOC Limited Announces Key Operational Statistics for the First Quarter of
HONG KONG, April 26, 2013
HONG KONG, April 26, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883) is pleased to announce its key operational statistics for
the first quarter of 2013.
(Logo: http://www.prnasia.com/sa/200701301659.jpg )
During the quarter, the Company achieved a total net production of 93.6
million barrels of oil equivalent (BOE), representing 17.3% increase year over
year (YoY), primarily attributable to the production contribution from the
acquisition of Nexen Inc ("Nexen") , the new oil and gas projects on stream,
the resumption of Penglai 19-3 oil field and the overseas projects.
For the first quarter, the Company made four new discoveries and six
successful appraisal wells in offshore China. The appraisal confirmed that
Penglai 15-2 was a mid to large sized crude oil discovery. In the perspective
of overseas development, the Company successfully completed the acquisition of
Greatly benefited from the growth in production volume, the unaudited oil and
gas sales revenue of the Company reached approximately RMB55.31 billion during
the period, representing an increase of 13.3% YoY. In the first quarter, the
Company's average realized oil price decreased 8.7% YoY to US$110.29 per
barrel. The Company's average realized gas price went down 1.5% YoY to US$5.79
per thousand cubic feet, primarily due to the relatively lower realized gas
price of Nexen.
During the period, the Company's capital expenditure for exploration,
development and production reached approximately RMB14.80 billion,
representing an increase of 53.5% YoY.
Mr. Li Fanrong, Chief Executive Officer of the Company commented, "I am very
glad to see that the Company had made significant progress in exploration and
production for the first quarter, particularly the successful appraisals in
Bohai has further strengthened our sustainable development in the future."
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, whether the transactions entered into by the Company
can complete on schedule pursuant to its timetable or at all, 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 2012 Annual Report on Form 20-F
filed on April 24, 2013.
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 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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