CNOOC Limited Announces Key Operational Statistics of Q3
HONG KONG, Oct. 24, 2013
HONG KONG, Oct. 24, 2013 /PRNewswire/--CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883, TSX: CNU) is pleased to announce its key operational
statistics for the third quarter of 2013.
During the quarter, the Company's total net production rose 17.8% year over
year (YOY) to 103.4 million barrels of oil equivalent (BOE) in which Nexen
contributed 16.1 million BOE. If excluding Nexen's contribution, the net
production for the third quarter of 2013 is basically flat YOY.
The Company made 5 new discoveries and 15 successful appraisal wells in total
for the third quarter. In offshore China, we made 2 new discoveries and 10
successful appraisal wells, among which Luda 5-2 North is a mid-sized new
discovery and Kenli 9-5/9-6 was proved to be a mid-sized oil and gas
structure. In the meantime, the Company made 3 new discoveries and 5
successful appraisal wells in overseas.
On September 18, 2013, CNOOC Limited was listed at the Toronto Stock Exchange
(TSX), representing the Company's consistent commitment to transparency and
good corporate governance.
Greatly benefited from the growth in production volume, the unaudited oil and
gas sales revenue of the Company reached approximately RMB56.14 billion,
representing an increase of 15.9% YOY. The Company's average realized oil
price increased 1.5% YOY to US$106.26 per barrel while the Company's average
realized gas price went down 6.9% YOY to US$5.43 per thousand cubic feet.
Taking out of Nexen's impact, the Company's capital expenditure reached
approximately RMB17.7 billion during the third quarter, representing an
increase of 18.2% YOY, mainly attributed to the increase of the development
projects. For the third quarter of 2013, Nexen's capital expenditure was
approximately RMB4.7 billion.
Mr. Li Fanrong, Chief Executive Officer of the Company commented, "I am glad
to see that the Company made significant progress in exploration for the third
quarter, particularly the new discovery Luda 5-2 North and successful
appraisal Kenli 9-5/9-6 have further enlarged the reserve scale of Bohai and
facilitated 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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