HONG KONG, Aug. 28, 2014 /PRNewswire/ -- CNOOC Limited (the
"Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its
interim results for the six months ended June 30, 2014.
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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.
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.
For further enquiries, please contact:
Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-6642
Fax: +86-10-8452-1441
E-mail: MR@cnooc.com.cn
Ms. Cathy Zhang
Hill+Knowlton Strategies Asia
Tel: +852-2894-6211
Fax: +852-2576-1990
E-mail: cathy.zhang@hkstrategies.com
SOURCE CNOOC Limited