HONG KONG, April 22, 2014 /CNW/ - CNOOC Limited (the "Company", NYSE:
CEO, SEHK: 00883, TSX: CNU) today announced its key operational
statistics for the first quarter of 2014.
In the first quarter, the Company achieved a total net production of
108.1 million barrels of oil equivalent ("BOE"), representing 15.5%
increase year over year (YoY).
The Company made five new discoveries and eight successful appraisal
wells in offshore China. New discovery of Bozhong 22-1 demonstrated
great exploration potential of natural gas in Bohai buried hill at
deeper zone; another discovery of Lingshui 17-2 marked a breakthrough
of the Company's independent deepwater exploration. After further
successful appraisals, Bozhong 8-4 and Wushi 17-2 were proved to be
mid-sized oil and gas structures. During the period, the new projects
planned to commence production all made smooth process.
In the first quarter, the unaudited oil and gas sales revenue of the
Company reached approximately RMB59.15 billion, representing an
increase of 6.9% YoY, mainly due to the increase of oil and gas
production. During the period, the Company's average realized gas price
was US$6.33 per thousand cubic feet, representing an increase of 9.3%
YoY while the Company's average realized oil price was US$104.63 per
During the period, the Company's capital expenditures for exploration,
development and production amounted to RMB19.31 billion.
Mr. Li Fanrong, CEO of the Company commented, "In the first quarter, the
Company made significant progress in exploration, particularly the new
discoveries and successful appraisals will lay a solid foundation for
the Company's sustainable development."
Notes to Editors:
More information about the Company is available at http://www.cnoocltd.com.
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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 analyses made by the
Company in light of its experience and its perception of historical
trends, current conditions and expected future developments, as well as
other factors the Company believes are appropriate under the
circumstances. However, whether actual results and developments will
meet the expectations and predictions of the Company depends on a
number of risks and uncertainties which could cause the actual results,
performance and financial condition 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 Group can
complete on schedule pursuant to its terms and 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 files from time to
time with the United States Securities and Exchange Commission,
including the 2013 Annual Report on Form 20-F filed on 17 April 2014.
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.
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SOURCE: CNOOC Limited
For further information:
Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
Ms. Cathy Zhang
Hill+Knowlton Strategies Asia
Tel: +852-2894 6211
Fax: +852-2576 1990