HONG KONG, Oct. 24, 2013 /CNW/ - 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 the
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
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.
SOURCE: CNOOC Limited
For further information:
Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
Ms. Angela Hui
Ketchum Newscan Public Relations Ltd