Production and Reserve Volumes Hit Another Record High - Major Operational Indicators Met Targets

Production and Reserve Volumes Hit Another Record High - Major Operational 
Indicators Met Targets 
HONG KONG, March 28, 2014 /CNW/ - CNOOC Limited (the "Company", NYSE: CEO, 
SEHK: 00883, TSX: CNU) today announced its annual results for the year ended 
December 31, 2013. 
In 2013, the Company continued to increase its investment in exploration. 
Benefitting from the Company's cognitive innovation and technological 
advancement, 18 new discoveries were made and 20 oil and gas structures were 
successfully appraised by the Company. As at the end of 2013, the Company 
owned net proved reserves of approximately 4.43 billion barrels of oil 
equivalent ("BOE"). The reserve replacement ratio of the year amounted to 327%. 
In 2013, the Company exceeded its production target set at the beginning of 
the year. The net oil and gas production reached 411.7 million BOE, 
representing a 20.2% increase year-over-year ("yoy"), with 60.8 million BOE 
contributed by Nexen. During the year, a total of 7 new projects commenced 
production in succession, and Liuhua 19-5 has also come online in early 2014. 
In 2013, the Company's average realized oil price was US$104.60 per barrel, 
representing a decrease of 5.3% yoy, and the Company's average realized gas 
price was US$5.78 per thousand cubic feet, representing an increase of 0.2% 
yoy. In addition, the Company's oil and gas sales revenue reached RMB226.45 
billion, representing an increase of 16.3% yoy, and net profit amounted to 
RMB56.46 billion. 
During the period, the Company's all-in cost was US$45.02 per BOE, 
representing an increase of 26.0% yoy, mainly attributable to the relatively 
high cost of Nexen's assets and the new projects. 
Including RMB15.67 billion of Nexen's spending, the Company's capital 
expenditures reached RMB92.43 billion in 2013. 
As for overseas development, with the successful completion of the acquisition 
of Nexen in February 2013, the Company has embarked on a new phase of 
international development. To date, the integration of the two entities has 
progressed smoothly and the overall progress met the Company's targets. In 
addition, the Company has successfully entered into the production sharing 
contract for the Libra oil field located in the Santos Basin in Brazil. This 
marks a significant milestone for the Company in the course of its strategic 
entry into the ultra-deepwater field, which is in line with our philosophy of 
expanding our global presence through partnership arrangements. 
Mr. Li Fanrong, CEO of the Company, said, "In 2013, CNOOC Limited made steady 
progress in all production and operational activities while stepping up the 
pace of its international development. While working hard to achieve various 
targets for the year 2014, we will maintain a long-term vision and seize the 
right opportunities to fully promote the Company to a new phase of 
In 2013, our basic earnings per share reached RMB1.26. The Board of Directors 
has proposed a year-end dividend of HK$0.32 per share (tax inclusive). 
Mr. Wang Yilin, Chairman of CNOOC Limited, said, "In 2013, the Company 
undertook various activities under its 'New Leap Forward' strategic roadmap, 
achieving notable results and significant progress in exploration, production 
as well as international growth. We will adhere to carrying out innovation and 
reforms and seeking long-term progress in order to create further value for 
our shareholders." 
Notes to Editors: 
More information about the Company is available at 
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.

Ms. Michelle Zhang Deputy Manager, Media / Public Relations CNOOC Limited Tel: 
+86-10-8452-6642 Fax: +86-10-8452-1441 
Ms. Cathy Zhang Hill+Knowlton Strategies Asia Tel: +852-2894 6211 Fax: 
+852-2576 1990 
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CO: Nexen Inc.
-0- Mar/28/2014 08:33 GMT
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