HONG KONG, Feb. 1, 2018 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its
business strategy and development plan for the year 2018.
The Company's net production target for 2018 is 470 million to
480 million barrels of oil equivalent (BOE), of which, production
from China and overseas accounts
for approximately 64% and 36%, respectively. The Company's net
production for 2017 is expected to be approximately 469 million
BOE. The Company's net production for 2019 and 2020 are estimated
to be approximately 485 million BOE and 500 million BOE,
respectively.
In 2018, five new projects are expected to come on stream,
namely Stampede oil field in the United
States as well as Weizhou 6-13 oil field, Penglai 19-3 oil
field 1/3/8/9 comprehensive adjustment project, Dongfang 13-2 gas
fields and Wenchang 9-2/9-3/10-3 gas fields in offshore
China. The Company will continue
to promote the progress of its major overseas projects.
In 2018, the Company plans to drill 132 exploration wells and
acquire approximately 19 thousand square kilometers 3-Dimensional
(3D) seismic data.
Total capital expenditure for the Company in 2018 is budgeted at
RMB70.0 billion to RMB80.0 billion. The capital expenditures for
exploration, development and production account for approximately
18%, 65% and 16%, respectively.
Mr. Xie Weizhi, CFO of the Company, said: "The Company will
maintain prudent financial policy and investment decision-making.
We will continue to reinforce quality and efficiency enhancements
to continuously improve the Company's core competitiveness."
Mr. Yuan Guangyu, CEO of the Company, said: "In 2018, the
Company endeavors to strengthen innovation and technology-driven
philosophy. Meanwhile, we will continue to pursue a sustainable and
environmentally friendly development model while increasing oil and
gas production and reserves, in order to deliver improved
shareholder returns."
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 but not limited to 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
their 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 Annual Report on Form 20-F filed in April
of the latest fiscal year.
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. Liu Jing
Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: liujing1@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax: +852-2576 1990
E-mail: cnooc@hkstrategies.com
Logo -
http://photos.prnasia.com/prnh/20150819/8521505396LOGO
View original
content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-its-2018-business-strategy-and-development-plan-300591769.html
SOURCE CNOOC Limited