HONG KONG, Aug. 28, 2014 /CNW/ - CNOOC Limited (the
"Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its
interim results for the six months ended June 30, 2014.
For the first half of the year, the Company's
total net oil and gas production reached 211.6 million barrels of
oil equivalent (BOE), up 6.8% year-on-year (yoy), with 36.3 million
BOE contributed by Nexen.
The Company's average realized oil price was
US$106.30 per barrel in the first
half of 2014, representing an increase of 2.0% yoy, while average
realized gas price rose 13.5% yoy to US$6.44 per thousand cubic feet.
Benefited from the growth of net oil and gas
production and increase in realized oil and gas prices, the Company
recorded RMB117.1 billion in oil and
gas sales revenue, a yoy increase of 5.7%; meanwhile, net profit
fell 2.3% yoy to RMB33.59
billion.
In the first half of 2014, the Company's all-in
cost was US$43.20 per BOE, up
slightly by 2.0 % yoy, while operating cost was US$11.78 per BOE, up 7.0 % yoy, mainly
attributable to the consolidation of two more months of Nexen's
performance.
In the area of exploration, the Company made 9
new discoveries and 23 successful appraisal wells. Among them,
Lingshui 17-2, discovered by "Haiyangshiyou 981", was successfully
tested and is expected to become the first large-sized deepwater
gas field made by our independent exploration activities. While
Luda 16-3 South structure is expected to become a mid-sized
discovery after appraisal, Kenli 16-1 structure uncovers the good
exploration potential of southern slope of Laizhou Bay Sag in
Bohai. Kenli 3-2 oilfields, Panyu10-2/5/8 project and Wenchang 13-6
oilfield have commenced production within the year as scheduled
while other projects are progressing accordingly.
During the period, the Company continued to
advance the integration of Nexen, especially in the areas of
management, resources development and corporate culture. Nexen's
safety and environmental protection achieved best performance in
its history in the first half of 2014. Production efficiency of
Buzzard oilfield in the UK North Sea was further enhanced, while
production and operation of Long Lake oil sands project achieved
significant improvement. The progress of integration reached the
Company's expectation.
Mr. Wang Yilin, Chairman of the Company, said,
"In the first half of 2014, the Company has executed its "New Leap
Forward" strategy in a solid way and achieved satisfactory results.
We will endeavor to strengthen our management, enhance the growth
quality and efficiency of the Company to create greater value for
our shareholders."
Mr. Li Fanrong,
CEO of the Company commented, "During the first half of 2014, we
have actively pushed ahead different areas of our business. Good
progress was made in the production and operation and a healthy
financial position was maintained. In the second half of the year,
we will continue to work diligently to ensure that we meet our
annual production and business targets."
In the first half of the year, the Company's
basic earnings per share reached RMB0.75. The Board has declared an interim
dividend of HK$0.25 per share (tax
inclusive).
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