HONG KONG, April 29, 2020 /CNW/ -- CNOOC Limited (the
"Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced
its key operational statistics for the first quarter of 2020.
The Company achieved a total net production of 131.5 million
barrels of oil equivalent ("BOE") for the first quarter of 2020,
representing an increase of 9.5% year-over-year ("YoY"). Production
from China increased by 9.7% YoY
to 87.1 million BOE, mainly attributable to commencement of new
projects and the acquisition of China United Coalbed Methane
Corporation Limited. Overseas production increased by 9.0% YoY to
44.5 million BOE, mainly due to production contribution from new
projects including Egina oilfield in Nigeria and Appomattox oilfield in the US Gulf
of Mexico. For the new projects planned this year, Liza oilfield
phase 1 in Guyana came on stream
ahead of schedule in December 2019,
and other projects progressed as scheduled.
During the period, the Company made two new discoveries and
drilled 21 successful appraisal wells. In offshore China, Kenli 6-1 oil and gas bearing
structure was successfully appraised and became the
first large-sized oilfield in Laibei lower uplift, which further
proved the huge exploration potential of the Neogene lithologic
reservoir in Laizhou Bay. In Guyana, the 16th new discovery of
Uaru was made in the Stabroek block.
For the first quarter of 2020, the Company's average realised
oil price decreased by 19.3% YoY to US$49.03 per barrel, which was in line with the
trend of international oil prices. The Company's average realised
gas price was US$6.38 per thousand
cubic feet, decreased by 7.3% YoY, primarily due to the declined
gas price in North America. The
unaudited oil and gas sales revenue of the Company reached
approximately RMB 39.95 billion
during the period, down only 5.5% YoY, mainly due to the combined
effect of lower realised oil price and increased oil and gas sales
volume.
The Company's capital expenditure reached approximately
RMB 16.90 billion for the first
quarter of 2020, up 20.1% YoY, as a result of the increased
workloads.
Under the current low oil price environment, the Company has
adjusted its operating strategy promptly and implemented more
prudent investment decision to ensure its long-term sustainable
development. The Company has reduced its annual net production
target for 2020 from 520-530 million BOE to 505-515 million BOE and
total capital expenditures for 2020 from RMB
85-95 billion to RMB 75-85
billion.
Mr. Xu Keqiang, CEO of the Company, said, "The global oil
and gas market was facing an unprecedented situation in the first
quarter of 2020 as impacted by the COVID-19 pandemic and sharp drop
of international oil prices. In response to an increasingly complex
external environment, CNOOC Limited took proactive measures to face
the challenges and strived to mitigate the impact. For the rest of
the year, we will continue to implement more stringent cost
controls, and further strengthen our cash flow management."
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,
macro-political and economic factors, changes in the tax and fiscal
regimes of the host countries in which we operate, the highly
competitive nature of the oil and natural gas industry, the
exploration and development activities, mergers, acquisitions and
divestments activities, environmental responsibility and compliance
requirements, foreign operations and cyber system attacks.
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. Jing Liu
Manager, Media & Public Relations
CNOOC Limited
Tel: +86-10-8452-3404
Fax: +86-10-8452-1441
E-mail: mr@cnooc.com.cn
Ms. Ada Leung
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
E-mail: CNOOC@hkstrategies.com
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SOURCE CNOOC Limited