CNOOC Ltd.
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Related Entities
Firm Transport Commitments
Project: Queensland Curtis LNG
Firm Commitment: 8.6 mtpa
Recent news
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- 12/27/2023 - Mitsui and Co Withdraws... (subscriber access)
- 12/22/2023 - China Seeks Exemptions... (subscriber access)
- 11/14/2023 - Exxon Begins Production... (subscriber access)
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Company Transactions
Date: 7/25/2019
Type: Acquisition
BUYERS:
Williams Companies, Inc.
SELLERS:
Shell plc.
CNOOC Ltd.
ASSETS:
Norphlet Gas Gathering System
DETAILS:
REGIONS:
Gulf of Mexico
Date: 6/30/2019
Type: Acquisition
NOTES:
CNOOC is acquiring a 10% equity stake in Arctic LNG 2
CNOOC is acquiring a 10% equity stake in Arctic LNG 2
REGIONS:
Russia
Date:
Type: Acquisition
NOTES:
CNOOC Limited signed a Heads of Agreement with JSC Novatek for the acquisition of a 10% interest of the Arctic LNG 2 project.
CNOOC Limited signed a Heads of Agreement with JSC Novatek for the acquisition of a 10% interest of the Arctic LNG 2 project.
News & Press Releases
Criterion News
- 2/22/2024 - Exxon Considers First... (subscriber access)
- 12/27/2023 - Mitsui and Co Withdraws... (subscriber access)
- 12/22/2023 - China Seeks Exemptions... (subscriber access)
- 11/14/2023 - Exxon Begins Production... (subscriber access)
- 10/23/2023 - CNOOC Limited Discovers... (subscriber access)
- 10/18/2023 - Exxon Targeting FID on... (subscriber access)
- 10/3/2023 - Uganda in Advanced Talks... (subscriber access)
- 9/29/2023 - Exxon Mobil and Hess... (subscriber access)
- 9/15/2023 - Guyana Recieves Multiple... (subscriber access)
- 8/21/2023 - Arctic LNG 2 Project... (subscriber access)
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- 5/25/2023 - Exxon & Partners... (subscriber access)
- 3/30/2023 - Shanghai Petroleum and... (subscriber access)
- 3/8/2023 - CNOOC Reports Delivery... (subscriber access)
- 1/25/2023 - CNOOC Starts Drilling in... (subscriber access)
- 1/20/2023 - CNOOC Wins Ruling... (subscriber access)
- 1/11/2023 - CNOOC Updates Production... (subscriber access)
- 12/28/2022 - CNOOC Announces... (subscriber access)
- 12/16/2022 - CNOOC Announces... (subscriber access)
- 12/13/2022 - CNOOC Issues Tender... (subscriber access)
- 12/2/2022 - CNOOC Limited Announces... (subscriber access)
- 11/28/2022 - CNOOC Starting to Seek... (subscriber access)
- 10/28/2022 - Chinese Refiners... (subscriber access)
- 10/21/2022 - Uganda May Secure $5B In... (subscriber access)
- 10/20/2022 - CNOOC Recieves... (subscriber access)
- 10/18/2022 - Norwegian Newspaper... (subscriber access)
- 10/17/2022 - Chinese's Government... (subscriber access)
- 10/6/2022 - East African Crude Oil... (subscriber access)
- 9/8/2022 - CNOOC Completes Roofs of... (subscriber access)
Press Releases
CNOOC Limited Announces its 2021 Business Strategy and Development Plan
Source: PR Newswire
Orignial Article: https://contentapi.cision...
HONG KONG, Feb. 4, 2021 /CNW/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its business strategy and development plan for the year 2021.
In the extremely challenging year of 2020, under the leadership of the Board of Directors, the Company's management, together with all staff, overcame the huge impact from low oil price and the pandemic of COVID-19. During the period, while strictly implementing pandemic prevention and control measures, the Company invested great efforts in growing its oil and gas reserves and production, further reduced costs and enhanced efficiency, promoted reform and innovation, and ensured the safety in production. Thanks to all these measures, the Company's net production hit a record high of approximately 528 million barrels of oil equivalent (BOE) in 2020.
In 2021, the Company will continue its efforts in strengthening its resources base with targeted net production of 545-555 million BOE, of which, production from China and overseas account for approximately 68% and 32%, respectively. It also plans to drill 217 exploration wells and collect approximately 17 thousand square kilometers 3-Dimensional (3D) seismic data. 19 new projects are expected to come on stream, which mainly include Lingshui 17-2 gas fields development, Lufeng oil fields regional development, Caofeidian 6-4 oil field in offshore China, Buzzard oil field phase II in the UK and Mero I oil field in Brazil.
The Company's total capital expenditure for 2021 is budgeted at RMB90 billion to RMB100 billion. The capital expenditures for exploration, development and production will account for approximately 17%, 61% and 20% of the total capital expenditure, respectively.
The Company's net production for 2022 and 2023 are estimated to be 590-600 million BOE and 640-650 million BOE, respectively.
Mr. Xu Keqiang, CEO of the Company, said, "In 2021, under the theme of high-quality development, the Company will be committed to steadily increasing its oil and gas reserves and production, focusing on investment efficiency, maintaining its cost competitiveness, while actively pursuing the concept of green and low-carbon development, to create excellent returns for our shareholders."
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
Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/cnooc-limited-announces-its-2021-business-strategy-and-development-plan-301222026.html
SOURCE CNOOC Limited
Article Date
2/4/2021CNOOC Limited Announces its 2021 Business Strategy and Development Plan
Source: PR Newswire
Orignial Article: https://contentapi.cision...
HONG KONG, Feb. 4, 2021 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its business strategy and development plan for the year 2021.
In the extremely challenging year of 2020, under the leadership of the Board of Directors, the Company's management, together with all staff, overcame the huge impact from low oil price and the pandemic of COVID-19. During the period, while strictly implementing pandemic prevention and control measures, the Company invested great efforts in growing its oil and gas reserves and production, further reduced costs and enhanced efficiency, promoted reform and innovation, and ensured the safety in production. Thanks to all these measures, the Company's net production hit a record high of approximately 528 million barrels of oil equivalent (BOE) in 2020.
In 2021, the Company will continue its efforts in strengthening its resources base with targeted net production of 545-555 million BOE, of which, production from China and overseas account for approximately 68% and 32%, respectively. It also plans to drill 217 exploration wells and collect approximately 17 thousand square kilometers 3-Dimensional (3D) seismic data. 19 new projects are expected to come on stream, which mainly include Lingshui 17-2 gas fields development, Lufeng oil fields regional development, Caofeidian 6-4 oil field in offshore China, Buzzard oil field phase II in the UK and Mero I oil field in Brazil.
The Company's total capital expenditure for 2021 is budgeted at RMB90 billion to RMB100 billion. The capital expenditures for exploration, development and production will account for approximately 17%, 61% and 20% of the total capital expenditure, respectively.
The Company's net production for 2022 and 2023 are estimated to be 590-600 million BOE and 640-650 million BOE, respectively.
Mr. Xu Keqiang, CEO of the Company, said, "In 2021, under the theme of high-quality development, the Company will be committed to steadily increasing its oil and gas reserves and production, focusing on investment efficiency, maintaining its cost competitiveness, while actively pursuing the concept of green and low-carbon development, to create excellent returns for our shareholders."
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
Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/cnooc-limited-announces-its-2021-business-strategy-and-development-plan-301222026.html
SOURCE CNOOC Limited
Article Date
2/4/2021CNOOC Limited Announces its 2021 Business Strategy and Development Plan
Source: PR Newswire
Orignial Article: https://contentapi.cision...
HONG KONG, Feb. 4, 2021 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its business strategy and development plan for the year 2021.
In the extremely challenging year of 2020, under the leadership of the Board of Directors, the Company's management, together with all staff, overcame the huge impact from low oil price and the pandemic of COVID-19. During the period, while strictly implementing pandemic prevention and control measures, the Company invested great efforts in growing its oil and gas reserves and production, further reduced costs and enhanced efficiency, promoted reform and innovation, and ensured the safety in production. Thanks to all these measures, the Company's net production hit a record high of approximately 528 million barrels of oil equivalent (BOE) in 2020.
In 2021, the Company will continue its efforts in strengthening its resources base with targeted net production of 545-555 million BOE, of which, production from China and overseas account for approximately 68% and 32%, respectively. It also plans to drill 217 exploration wells and collect approximately 17 thousand square kilometers 3-Dimensional (3D) seismic data. 19 new projects are expected to come on stream, which mainly include Lingshui 17-2 gas fields development, Lufeng oil fields regional development, Caofeidian 6-4 oil field in offshore China, Buzzard oil field phase II in the UK and Mero I oil field in Brazil.
The Company's total capital expenditure for 2021 is budgeted at RMB90 billion to RMB100 billion. The capital expenditures for exploration, development and production will account for approximately 17%, 61% and 20% of the total capital expenditure, respectively.
The Company's net production for 2022 and 2023 are estimated to be 590-600 million BOE and 640-650 million BOE, respectively.
Mr. Xu Keqiang, CEO of the Company, said, "In 2021, under the theme of high-quality development, the Company will be committed to steadily increasing its oil and gas reserves and production, focusing on investment efficiency, maintaining its cost competitiveness, while actively pursuing the concept of green and low-carbon development, to create excellent returns for our shareholders."
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
Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852 3150 6707
Fax: +852 3150 6728
E-mail: cnooc.hk@pordahavas.com
SOURCE CNOOC Limited
Article Date
2/4/2021CNOOC Limited Announces Penglai 25-6 Oilfield Area 3 Project Commences Production
Source: PR Newswire
HONG KONG, Dec. 14, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that Penglai 25-6 oilfield area 3 project has commenced production ahead of schedule.
The Penglai 25-6 oilfield area 3 project is located in the south central Bohai Sea, with average water depth of about 27 meters. In addition to fully utilizing the existing processing facilities of Penglai oilfields, the project has built a new wellhead platform, with 58 development wells planned in total, including 38 production wells and 20 water injection wells. The project is expected to reach its peak production of approximately 11,511 barrels of crude oil per day in 2023.
CNOOC Limited holds a 51% interest in Penglai 25-6 oilfield area 3 project and acts as the operator. Subsidiaries of ConocoPhillips hold the remaining 49% working interest.
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
Bunny Lee
Porda Havas International Finance Communications Group
Tel: +852-3150-6707
Fax: +852-3150-6728
E-mail: cnooc.hk@pordahavas.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/cnooc-limited-announces-penglai-25-6-oilfield-area-3-project-commences-production-301191882.html
SOURCE CNOOC Limited
Article Date
12/14/2020CNOOC Limited Announces Liuhua 29-1 Gas Field Commences Production
Source: PR Newswire
HONG KONG, Nov. 2, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that Liuhua 29-1 gas field has commenced production.
The Liuhua 29-1 gas field is located in the eastern South China Sea, 86 kilometers northeast of Liwan 3-1 gas field, with water depth of about 640 to 785 meters. A new subsea wellhead has been built, with 7 development wells planned in total. The gas field will fully utilize the existing production facilities of Liuhua 34-2 gas field and Liwan 3-1 gas field. It is expected to reach a peak production of approximately 62 million cubic feet of natural gas per day in 2022.
CNOOC Limited has a 25% working interest in Liuhua 29-1 gas field and acts as the operator in shallow water, while Husky Oil China Limited holds the remaining 75% working interest and acts as the operator in deep water.
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
View original content to download multimedia:http://www.prnewswire.com/news-releases/cnooc-limited-announces-liuhua-29-1-gas-field-commences-production-301164626.html
SOURCE CNOOC Limited
Article Date
11/2/2020CNOOC Limited Announces Jinzhou 25-1 Oilfield 6/11 Area Commences Production
Source: PR Newswire
HONG KONG, Sept. 28, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Jinzhou 25-1 oilfield 6/11 area has commenced production.
Jinzhou 25-1 oilfield 6/11 area is located in central Liaodong Bay in Bohai with average water depth of 22.5 meters. In addition to fully utilizing the existing facilities of Jinzhou 25-1 oilfield and Jinzhou 25-1S oilfield, the project has built one eight-legged wellhead platform. A total of 19 production wells and 10 water injection wells are planned. It is expected to reach the peak production of approximately 16,500 barrels of crude oil per day in 2023.
CNOOC Limited holds 100% interest of Jinzhou 25-1 oilfield 6/11 area.
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-jinzhou-25-1-oilfield-611-area-commences-production-301138852.html
SOURCE CNOOC Limited
Article Date
9/28/2020CNOOC Limited Announces Commencement of Production at Liuhua 16-2 Oilfield / 20-2 Oilfield Joint Development Project
Source: PR Newswire
HONG KONG, Sept. 20, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Liuhua 16-2 oilfield/ 20-2 oilfield joint development project has commenced production.
Liuhua 16-2 oilfield / 20-2 oilfield joint development project is located in Eastern South China Sea. The average water depth of the joint development project is approximately 410 meters. One 150,000 DWT FPSO and three underwater production systems are newly built. A total of 26 development wells are planned to be put into production and development. The project is expected to reach its peak production of approximately 72,800 barrels of crude oil per day in 2022.
CNOOC Limited holds 100% interest of Liuhua 16-2 oilfield/ 20-2 oilfield joint development project.
- End -
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-commencement-of-production-at-liuhua-16-2-oilfield--20-2-oilfield-joint-development-project-301134327.html
SOURCE CNOOC Limited
Article Date
9/20/2020CNOOC Limited Announces the First Offshore Wind Power Project Connects to Grid
Source: PR Newswire
HONG KONG, Sept. 15, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that the first offshore wind power project has connected to the grid and begun to generate power.
The offshore wind power project is located in the sea area nearby Jiangsu Province. The central location of wind farm is about 39 kilometers away from the coast, with a water depth of 12 meters. With a total installed capacity of 300 MW, the project is planned to be equipped with 67 wind turbines. To date, the first batch of wind turbines has connected to grid. The project is scheduled to fully come into on-grid production by the end of 2020, with its annual on-grid power generation expected to reach approximately 860 million kWh. It is estimated to save 279,000 tons of standard coal equivalent, and reduce CO2 emissions by 571,000 tons per year, comparing with conventional coal-fired thermal power plant with the same generating capacity.
The grid-connected of first offshore wind power project indicates that the Company's steady progress in promoting energy transformation and implementing its green and low-carbon strategy. It will also provide a clean energy supply for the green development of the Yangtze River Delta Region.
CNOOC Limited holds 47% interest of the jointly developed offshore wind power project in Jiangsu Province.
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-the-first-offshore-wind-power-project-connects-to-grid-301130992.html
SOURCE CNOOC Limited
Article Date
9/15/2020CNOOC Limited Announces Nanbao 35-2 Oilfield S1 Area Commences Production
Source: PR Newswire
HONG KONG, Sept. 10, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Nanbao 35-2 oilfield S1 area has commenced production.
Nanbao 35-2 oilfield S1 area is located in the central Bohai with average water depth of 17 meters. In addition to fully utilizing the existing facilities of Nanbao 35-2 oilfield, the major production facility includes 1 unmanned wellhead platform. A total of 3 development wells are planned. The project is expected to reach its peak production of approximately 1,800 barrels of crude oil per day in 2021.
CNOOC Limited holds 100% interest of Nanbao 35-2 oilfield S1 area.
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-nanbao-35-2-oilfield-s1-area-commences-production-301128161.html
SOURCE CNOOC Limited
Article Date
9/11/2020CNOOC Limited: Remarkable Achievements with Cost Reduction
Source: PR Newswire
HONG KONG, Aug. 19, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2020 interim results for the six months ended June 30, 2020.
Facing the unprecedented challenges in the first half of 2020, CNOOC Limited held fast to the bottom line of safe and healthy development, made timely adjustment to its business strategies, and took effective measures to minimize the impact imposed by low oil prices and the COVID-19 pandemic. The Company's operation and production maintained stable with no project delayed in offshore China and zero infection on its offshore platforms and vessels. Remaining committed to increase its oil and gas reserves and production, as well as continuing to promote quality and efficiency enhancement and cost controls, the Company saw great achievements in its performance results.
In the first half of the year, a total of 5 discoveries were made, and 20 oil and gas bearing structures were successfully appraised. In Bohai, Kenli 6-1, an oilfield with proved in-place volume of crude oil over 100 million tons, was efficiently appraised, achieving another major breakthrough in exploration after Bozhong 19-6. In the Eastern South China Sea, a significant discovery of Huizhou 26-6 was made, which was the biggest oil and gas field discovered by independent exploration in the Pearl River Mouth Basin. In the Stabroek block of Guyana, the sixteenth discovery of Uaru was made, and the aggregate recoverable resources in the block exceeded 8.0 billion barrels of oil equivalent ("BOE"). These discoveries have further laid the foundation for sustainable development of the Company.
Oil and gas production of the Company amounted to 257.9 million BOE, representing an increase of 6.1% year-over-year. Among the ten new projects scheduled to commence production this year, Liza oilfield phase I, Penglai 19-3 oilfield block 4 adjustment/ Penglai 19-9 oilfield phase II, Qinhuangdao 33-1 South oilfield phase I and Luda 21-2 / Luda 16-3 oilfield regional development project have successfully commenced production in the first half of the year. Other projects are proceeding actively.
In response to volatile oil prices, CNOOC Limited has taken various measures to control cost and enhance efficiency. Our all-in cost and operating cost per BOE have been further reduced to US$25.72 and US$6.50 respectively, the record low in the recent decade. Oil and gas sales revenue reached RMB66.34 billion, as well as net profit amounted to RMB10.38 billion, despite the sharp decrease of Brent oil prices. The Company's capital expenditure in the first half of the year was RMB35.6 billion. To reward the long-standing support from its shareholders, the Board of Directors has declared an interim dividend of HK$0.20 per share (tax inclusive) for the first half of 2020 by taking into account the Company's strong balance sheet and cash flow.
Mr. Wang Dongjin, Chairman of CNOOC Limited, said "Due to the stringent management and control measures, as well as the extraordinary efforts of all employees, the Company has delivered a better-than-expected operating results in the first half of the year. Forging ahead, we will stay confident and determined, overcome the difficulties to strive to meet our annual targets and create greater value for our shareholders."
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-remarkable-achievements-with-cost-reduction-301114675.html
SOURCE CNOOC Limited
Article Date
8/19/20207/20/2020 - CNOOC Limited Announces Luda 21-2/16-3 Regional Development Project Commences Production
CNOOC Limited Announces Luda 21-2/16-3 Regional Development Project Commences Production
Source: PR Newswire
HONG KONG, July 20, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Luda 21-2/16-3 regional development regional has commenced production.
Luda 21-2/16-3 regional development project is located in Liaodong Bay of Bohai Sea, about 39 kilometers north of Luda 10-1 oilfield and 90 kilometers northwest of Suizhong 36-1 onshore terminal. The average water depth of the regional development project is about 25 meters. The project has built 1 central platform, 3 wellhead platforms and 1 production adjective platform. A total of 69 development wells are planned. The project is expected to reach its peak production of approximately 25,600 barrels of crude oil per day in 2022.
CNOOC Limited holds 100% interest of Luda 21-2/16-3 regional development project.
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-luda-21-216-3-regional-development-project-commences-production-301095976.html
SOURCE CNOOC Limited
Article Date
7/20/20206/29/2020 - CNOOC Limited Announces a Significant Discovery of Huizhou 26-6 in Eastern South China Sea
CNOOC Limited Announces a Significant Discovery of Huizhou 26-6 in Eastern South China Sea
Source: PR Newswire
HONG KONG, June 29, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that the Company made a significant discovery of Huizhou 26-6 in Eastern South China Sea. It is expected to become the first mid-to-large sized condensate oil and gas field in the shallow water area of Pearl River Mouth Basin.
The Huizhou 26-6 structure is located in Huizhou Sag in Zhu1 Depression of Pearl River Mouth Basin in Eastern South China Sea with an average water depth of about 113 meters. The discovery well HZ26-6-1 was drilled and completed at a depth of 4,276 meters and encountered oil and gas pay zones with a total thickness of approximately 422.2 meters. The well was tested to produce around 2,020 barrels of oil and 15.36 million cubic feet of gas respectively per day.
The successful exploration of Huizhou 26-6 oil and gas structure is the first time that the Company has achieved commercial and highly productive oil and gas flow in buried hill exploration in Eastern South China Sea, marking a significant exploration breakthrough in Paleogene and buried hill complex oil and gas reservoir in Pearl River Mouth Basin, and further proving the huge exploration potential in this new field.
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-a-significant-discovery-of-huizhou-26-6-in-eastern-south-china-sea-301084882.html
SOURCE CNOOC Limited
Article Date
6/29/2020CNOOC Limited Announces Qinhuangdao 33-1S Oilfield Phase I Project Commences Production
Source: PR Newswire
HONG KONG, June 11, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Qinhuangdao 33-1S oilfield phase I project has commenced production.
Qinhuangdao 33-1S oilfield is located in central and western Bohai with an average water depth of 21 meters. The project has built one wellhead platform in addition to fully utilizing the existing facilities of Qinhuangdao 33-1 oilfield and Qinhuangdao 32-6 oilfield. A total of 13 producing wells are planned, including 9 production wells and 4 water injection wells. The project is expected to reach its peak production of approximately 6,000 barrels of crude oil per day in 2021.
CNOOC Limited holds 100% interest of Qinhuangdao 33-1S oilfield and acts as the operator.
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-qinhuangdao-33-1s-oilfield-phase-i-project-commences-production-301074272.html
SOURCE CNOOC Limited
Article Date
6/11/2020CNOOC Limited Announces Penglai 19-3 Oilfield Area 4 adjustment/Penglai 19-9 Oilfield Phase II Project Commences Production
Source: PR Newswire
HONG KONG, May 21, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Penglai 19-3 oilfield area 4 adjustment/Penglai 19-9 oilfield phase II project has commenced production.
The Penglai 19-3/19-9 oilfields are located in Bohai with an average water depth of approximately 28 meters. A new wellhead platform has been built, with 47 wells planned in total, including 30 production wells, 16 water injection wells and 1 development and appraisal well. This new wellhead platform will fully utilize the existing processing facilities of Penglai 19-3 oilfield. The project is expected to reach its peak production of approximately 15,681 barrels of crude oil per day in 2022.
CNOOC Limited holds 51% working interest in Penglai 19-3 oilfield area 4 adjustment/Penglai 19-9 oilfield phase II project and acts as the operator. ConocoPhillips China, CNOOC Limited's partner, holds the remaining 49% working interest.
- End -
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
View original content to download multimedia:http://www.prnewswire.com/news-releases/cnooc-limited-announces-penglai-19-3-oilfield-area-4-adjustmentpenglai-19-9-oilfield-phase-ii-project-commences-production-301064086.html
SOURCE CNOOC Limited
Article Date
5/22/2020CNOOC Limited Announces Key Operational Statistics for Q1 2020
Source: PR Newswire
HONG KONG, April 29, 2020 /PRNewswire/ -- 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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-key-operational-statistics-for-q1-2020-301049150.html
SOURCE CNOOC Limited
Article Date
4/29/2020CNOOC Limited Filed 2019 Annual Report on Form 20-F
Source: PR Newswire
HONG KONG, April 22, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today it has filed with the United States Securities and Exchange Commission ("SEC") its 2019 annual report on Form 20-F ("annual report on Form 20-F") that included audited financial statements for the year ended December 31, 2019.
The annual report on Form 20-F is available on the Company's website at www.cnoocltd.com as well as the SEC′s website at www.sec.gov.
CNOOC Limited will also provide a hard copy of its 2019 annual report on Form 20-F to shareholders free of charge, including its complete audited financial statements. To request a hard copy of the annual report, please contact:
Investor Relations Department of CNOOC Limited
Tel: +86-10-8452-1917
Fax: +86-10-8452-1441
E-mail: ir@cnooc.com.cn
- End -
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-filed-2019-annual-report-on-form-20-f-301045226.html
SOURCE CNOOC Limited
Article Date
4/22/20203/25/2020 - CNOOC Limited: Production and Reserves Hit Record High Net Profit and Dividend Significantly Increased
CNOOC Limited: Production and Reserves Hit Record High Net Profit and Dividend Significantly Increased
Source: PR Newswire
HONG KONG, March 25, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2019 annual results for the year ended December 31, 2019.
In 2019, CNOOC Limited has achieved remarkable results, with multiple operating indicators reached a record level since its listing. Total net oil and gas production of the Company amounted to 506.5 million barrels of oil equivalent ("BOE"), exceeding 500 million BOE for the first time. Multiple projects safely commenced production ahead of schedule.
The Company continued to strengthen its exploration and development efforts, and the workload reached a record high. During the year, 23 commercial discoveries were made and 30 oil and gas bearing structures were successfully appraised. The appraisal of Bozhong 19-6 condensate gas fields in offshore China made breakthrough again, with newly-added proved in-place volume of nearly 200 million cubic meters of oil equivalent. In addition, five new discoveries were made in Stabroek block in Guyana, with aggregate recoverable resources of more than 8 billion BOE. Reserve replacement ratio of the year reached 144% and the reserve life remained stable at a level above 10 years, which further strengthened the resource foundation for the future development. As at the end of 2019, the net proved reserves of the Company exceeded 5 billion BOE in total.
In 2019, the Company's average realized oil price was US$63.34 per barrel, down 5.8% year-over-year (YoY). The average realized natural gas price was US$6.27 per thousand cubic feet, down 2.2% YoY. Oil and gas sales revenue reached RMB197.2 billion, an increase of 5.7% YoY. The Company continued to promote the long-term mechanism for quality and efficiency enhancement, and maintained its cost competitiveness. In 2019, the all-in cost per BOE decreased by 2.0% to US$29.78, achieving a reduction for the sixth consecutive year. Volume growth and effective cost control led to better profitability with total net profit rising significantly to RMB61.05 billion, an increase of 15.9% YoY, despite more than 10% drop in international oil prices.
During the year, the Company's capital expenditures were RMB79.6 billion, which fully supported the exploration and development activities. A healthy financial position and abundant free cash flow were maintained. In 2019, the Company's basic earnings per share was RMB1.37. The Board of Directors has proposed a final dividend of HK$0.45 per share (tax inclusive).
Mr. Wang Dongjin, Chairman of CNOOC Limited, said: "In 2019, CNOOC Limited adhered to the high-quality development philosophy and exerted excellent organizational and management skills in production and operation, surpassing the annual production target, delivering robust results to the shareholders. In the future, we will continue to focus on our own development, implement more stringent cost controls and more prudent investment decisions, strengthen cash flow management, and maintain the Company's long-term sustainable development."
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-production-and-reserves-hit-record-high--net-profit-and-dividend-significantly-increased-301029534.html
SOURCE CNOOC Limited
Article Date
3/25/2020CNOOC Limited Announces A Large-sized Discovery Kenli 6-1 in Bohai
Source: PR Newswire
HONG KONG, March 16, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that the Company made a large-sized discovery Kenli 6-1 in Bohai Bay, which is expected to be the first large-sized oil filed in Laibei lower uplift.
The Kenli 6-1 structure is located in Laibei lower uplift in southern Bohai basin with an average water depth of about 19.2 meters. The discovery well KL6-1-3 was drilled and completed at a depth of 1,596 meters, and encountered oil pay zones with a total thickness of approximately 20 meters. The well was tested to produce around 1,178 barrels of oil per day.
The successful exploration of Kenli 6-1 demonstrated the Company's remarkable breakthrough in the exploration area of Laibei lower uplift, and further proved the huge exploration potential of the Neogene lithologic reservoir in the Laizhou Bay.
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-a-large-sized-discovery-kenli-6-1-in-bohai-301024623.html
SOURCE CNOOC Limited
Article Date
3/16/2020CNOOC Limited Announces Bozhong 34-9 Oilfield Commences Production
Source: PR Newswire
HONG KONG, Feb. 12, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Bozhong 34-9 Oilfield has commenced production.
Bozhong 34-9 oilfield is located in the south of Bohai Sea with average water depth of 18.1 meters. In addition to fully utilizing the existing facilities of Kenli oilfield, the major production facilities include a central platform and a wellhead platform. A total of 57 producing wells are planned, including 38 production wells and 19 water injection wells. The project is expected to reach its peak production of approximately 22,500 barrels of crude oil per day in 2022.
CNOOC Limited holds 100% interest of Bozhong 34-9 oilfield and acts as the operator.
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-bozhong-34-9-oilfield-commences-production-301003559.html
SOURCE CNOOC Limited
Article Date
2/12/2020CNOOC Limited Announces its 2020 Business Strategy and Development Plan
Source: PR Newswire
HONG KONG, Jan. 13, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its business strategy and development plan for the year 2020.
The Company's targeted net production for 2020 is 520 million to 530 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 2019 is expected to be approximately 503 million BOE. The Company's net production for 2021 and 2022 are estimated to be around 555 million BOE and 590 million BOE, respectively.
The Company's total capital expenditure for 2020 is budgeted at RMB85 billion to RMB95 billion. The capital expenditures for exploration, development, production and others will account for approximately 20%, 58%, 20% and 2% of the total capital expenditure, respectively.
In 2020, the Company plans to drill 227 exploration wells and collect approximately 27 thousand square kilometers 3-Dimensional (3D) seismic data.
In 2020, ten new projects are expected to come on stream, namely Penglai 19-3 oil field block 4 adjustment/Penglai19-9 oil field phase II, Qinhuangdao 33-1 South oil field phase I, Bozhong 19-6 gas field pilot area development project, Luda 16-3/21-2 joint development project, Nanbao 35-2 oil filed S1 area, Jinzhou 25-1 oil field 6/11 area, Liuhua 29-1 gas field development project and Liuhua 16-2 oil field/20-2 oil field joint development project in offshore China, Liza oil field phase 1 in Guyana and Buzzard oil field phase II in the UK. Among which, Liza oil field phase 1 in Guyana has already come on stream ahead of schedule.
Mr. Xie Weizhi, CFO of the Company, said, "The Company will continue to maintain cost competitiveness, maintain prudent investment decision-making, and ensure the effective implementation of the capital expenditure plan to fully promote the Company to a new phase of high-quality development."
Mr. Xu Keqiang, CEO and the President of the Company, said, "In 2020, the Company will steadily increase its oil and gas reserves and production, pursue profitable reserves and production, lay a solid foundation for high-quality development through technology innovations and management enhancement, and create excellent returns for our shareholders.
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-its-2020-business-strategy-and-development-plan-300985478.html
SOURCE CNOOC Limited
Article Date
1/13/202011/20/2019 - CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production
CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production
Source: PR Newswire
HONG KONG, Nov. 20, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Caofeidian 11-1/11-6 oilfield comprehensive adjustment project has commenced production.
Caofeidian 11-1/11-6 oilfield comprehensive adjustment project is located in Bohai with average water depth of 20 to 25 meters. The project has built two central processing platforms in addition to fully utilizing the existing facilities in Caofeidian oilfield, which including six wellhead platforms and one FPSO. A total of 89 producing wells are planned with 12 wells currently producing. The project is expected to reach its peak production of approximately 28,700 barrels of crude oil per day in 2021.
As the operator, the Company holds 51 percent interest in Caofeidian 11-1 oilfield and 60 percent interest in Caofeidian 11-6 oilfield, while the partners, Brightoil Petroleum (Holdings) Limited holds 40.09 percent interest and 29.18 percent interest in these two oilfields respectively, SPC E&P (China) Pte Ltd holds the remaining interest in these two oilfields.
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
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
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SOURCE CNOOC Limited
Article Date
11/20/2019CNOOC Limited Announces Appointment of Chief Executive Officer
Source: PR Newswire
HONG KONG, Nov. 19, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced Mr. Xu Keqiang, an existing Executive Director and President of the Company, has been appointed as the Chief Executive Officer of the Company with effect from 19 November 2019.
The Board would like to take this opportunity to offer Mr. Xu its sincere congratulations on his appointment as the Chief Executive Officer of the Company.
Xu Keqiang
Born in 1971, Mr. Xu is a professor-level senior engineer. He graduated from Northwest University with a Bachelor of Science degree in Oil and Gas Geology. He received a master's degree in Coalfield Oil and Gas Geology from Northwest University in 1996. Mr. Xu joined China National Petroleum Corporation in 1996 and served different positions. From April 2003 to April 2005, he served as Deputy General Manager of Sinopetro Investment Company Ltd. From April 2005 to September 2008, he served as Deputy General Manager of CNPC International (Kazakhstan) Ltd. and concurrently General Manager of CNPC Ai-Dan Munai Joint Stock Company. From September 2008 to March 2014, he served as Deputy General Manager of CNPC International (Kazakhstan) Ltd. and concurrently General Manager of Joint Stock Company CNPC International Aktobe Petroleum. From March 2014 to March 2017, he served as General Manager of PetroChina Tuha Oilfield Company, and Director of Tuha Petroleum Exploration & Development Headquarters. In March 2017, Mr. Xu was appointed as a Vice President of CNOOC. From April 2017 to June 2018, Mr. Xu served as the Chairman of Nexen Energy ULC, a subsidiary of the Company. In between May 2017 and June 2018, he served as the Chairman of a subsidiary of the Company-CNOOC International Limited. In May 2017, Mr. Xu was appointed as a Director of CNOOC China Limited, a subsidiary of the Company. Mr. Xu was appointed as the General Manager of CNOOC China Limited with effect from 21 May 2018. Mr. Xu was appointed as an Executive Director and the President of the Company with effect from 18 April 2017. Mr. Xu has been appointed as the Chief Executive Officer of the Company with effect from 19 November 2019.
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
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-appointment-of-chief-executive-officer-300960771.html
SOURCE CNOOC Limited
Article Date
11/19/2019CNOOC Limited Announces Key Operational Statistics for the Third Quarter of 2019
Source: PR Newswire
HONG KONG, Oct. 24, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the third quarter of 2019.
The Company achieved a total net production of 124.8 million barrels of oil equivalent ("BOE") for the third quarter of 2019, representing an increase of 9.7% year over year ("YoY"). Production from offshore China increased 8.9% YoY to 80.2 million BOE, mainly attributable to production growth from the commencement of new projects. Overseas production increased 11.2% YoY to 44.6 million BOE, mainly due to the contribution from the new projects of Egina and Appomattox.
During the period, the Company made three new discoveries and drilled 19 successful appraisal wells. In offshore China, Kenli 6-1 in Bohai was successfully appraised and is expected to be a mid-sized oil and gas structure. In Guyana, the new discovery of Tripletail was made in the Stabroek block, which is the fourteenth oil discovery achieved in the block and will support the future development of the Turbot area.
On development and production, three out of six new projects planned for this year have commenced production. Bozhong 34-9 oil field, Caofeidian 11-1/11-6 comprehensive adjustment project and Wenchang 13-2 comprehensive adjustment project are undergoing offshore commissioning.
The unaudited oil and gas sales revenue of the Company reached approximately RMB48.34 billion for the third quarter of 2019, representing an increase of 0.8% YoY, mainly due to the increase in production offset the decrease in realized prices. During this quarter, the Company's average realized oil price decreased 14.9% YoY to US$60.89 per barrel, which is in line with the international oil prices. The Company's average realized gas price decreased 8.8% YoY to US$5.70 per thousand cubic feet, mainly due to the increased proportion of gas production with lower realized gas price.
For the third quarter of 2019, the Company's capital expenditure increased 27.9% YoY to approximately RMB19.53 billion, mainly due to the significant increase in workload.
Mr. Xu Keqiang, President of CNOOC Limited, commented: "In the third quarter, the Company further strengthened its efforts in exploration and development, seeing a steady increase in net production in offshore China and from overseas. The Company is confident of achieving the full-year production and operation targets, and will strive to create maximum and enduring value for its shareholders."
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
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-key-operational-statistics-for-the-third-quarter-of-2019-300944740.html
SOURCE CNOOC Limited
Article Date
10/24/2019CNOOC Limited Announces Pricing of Guaranteed Notes Offering
Source: PR Newswire
HONG KONG, Sept. 25, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced on September 25, 2019 (New York time) the pricing of an offering of US$1,500,000,000 aggregate principal amount of guaranteed notes. The offering consists of US$1,000,000,000 of 2.875% guaranteed notes due 2029 (the "2029 Notes") and US$500,000,000 of 3.300% guaranteed notes due 2049 (the "2049 Notes"). The 2029 Notes and 2049 Notes (collectively, the "Notes") will be issued by CNOOC Finance (2013) Limited, a direct wholly-owned subsidiary of the Company incorporated in the British Virgin Islands. The Notes will be guaranteed by the Company.
The net proceeds from this offering are expected to be approximately US$1,489,900,000. The proceeds will be used for general corporate purpose.
Application has been made to The Stock Exchange of Hong Kong Limited for listing of, and permission to deal in, the Notes by way of debt issue to professional investors only. Listing of the Notes on The Stock Exchange of Hong Kong Limited is not to be taken as an indication of the merits of the Notes, the Company or CNOOC Finance (2013) Limited.
Bank of China Limited, BOCI Asia Limited, Citigroup Global Markets Inc., Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities LLC and UBS AG Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners for the offering. ABCI Capital Limited, Agricultural Bank of China Limited Hong Kong Branch, The Bank of East Asia, Limited, BOCOM International Securities Limited, China International Capital Corporation Hong Kong Securities Limited, ICBC International Securities Limited and Société Générale are the joint bookrunners for the offering.
The offering of the Notes is made pursuant to the Company's shelf registration statement on Form F-3 (File No. 333-224357) filed with the United States Securities and Exchange Commission (the "US SEC") on April 20, 2018, as amended by the post-effective amendment No.1 to the registration statement filed with the US SEC on September 20, 2019. A preliminary prospectus supplement and accompanying prospectus have been filed with the US SEC in connection with this offering. The offering may only be made by means of the prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus may be obtained from Citigroup Global Markets Inc., 388 Greenwich Street, New York, NY 10013, telephone: 1-800-831-9146; Prospectus Department, Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Facsimile: +1 212 834 6081, Attn: Investment Grade Finance; UBS Securities LLC, 677 Washington Boulevard, Stamford, Connecticut 06901, telephone: 1-203-719-1088; and SG Americas Securities, LLC, 245 Park Avenue, New York 10167, telephone: 1-855-881-2108, Attn: US High Grade Syndicate Desk.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes, nor will there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.
No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.
About CNOOC Limited
CNOOC Limited is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. CNOOC Limited mainly engages in exploration, development, production and sale of crude oil and natural gas.
– End –
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
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
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SOURCE CNOOC Limited
Article Date
9/26/2019Significant Successes Achieved in Exploration and Development with Net Profit Surged
Source: PR Newswire
HONG KONG, Aug. 29, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2019 interim results for the six months ended June 30, 2019.
CNOOC Limited devoted efforts in exploration and development activities during the first half of 2019 through a pragmatic and enterprising approach, and successfully increased oil and gas reserves and production levels. The Company's amount of exploration and development activities reached a record high with improving key financial indicators. Overall, the Company's operating results improved steadily and it successfully achieved its targets.
In the first half of the year, 16 new discoveries were made and 35 successful appraisal wells were drilled. Among them, the appraisal of Bozhong 19-6 condensate gas field in Bohai, China achieved encouraging successes, adding proved in-place volume of exceeding 100 million tons of oil equivalent, and providing a strong resource foundation for sustainable development of Bohai. In Stabroek block of Guyana, three new discoveries were made and the recoverable resources were further expanded to more than 6.0 billion barrels of oil equivalent ("BOE"). The Glengorm discovery in the North Sea announced at the beginning of the year was proved to be the largest oil and gas discovery in U.K. in the past decade, further consolidating the Company's leading position in U.K. oil and gas exploration and production industry.
Oil and gas production remained stable in the first half of the year, with a net production of 243.0 million BOE, representing an increase of 2.1% year on year. Among the six new projects scheduled to commence production this year, the Egina oilfield, Huizhou 32-5 oilfield comprehensive adjustment/Huizhou 33-1 oilfield joint development project and Appomattox project have successfully commenced production in the first half of the year. Other projects are promoted actively.
During the period, the Company's profitability and financial status continued to improve. Through effective control, our all-in-cost fell below US$30 per BOE, reaching US$28.99, representing a decrease of 8.9% year on year, which reinforced our cost competitiveness. The Company's capital expenditure was RMB33.7 billion, representing an increase of 60.5% year on year. Oil and gas sales reached RMB94.28 billion, representing a year-on-year increase of 4.4%; net profits amounted to RMB30.25 billion; and earnings per share was RMB0.68, representing a significant increase of 18.7% year on year. The Board of Directors has declared an interim dividend of HK$0.33 per share (tax inclusive) for the first half of 2019 by taking into account the Company's financial performance.
Mr. Yang Hua, Chairman of CNOOC Limited, commented: "In the first half of 2019, with determined efforts to develop the Company's business through innovation, the management and staff devoted efforts in exploration and development activities through a pragmatic and enterprising approach, successfully increased oil and gas reserves and production levels achieving outstanding results in high-quality development. Going forward, the Company will continue to strengthen its strategic guidance, re-allocate its resources accordingly and press forward with all major tasks to achieve its major production and operation targets for the year thus to create a new era of high-quality development and create greater value for the shareholders."
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
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
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SOURCE CNOOC Limited
Article Date
8/29/2019CNOOC Limited entered into a Share Purchase Agreement for the Acquisition of 10% equity interest in Arctic LNG 2 LLC
Source: PR Newswire
HONG KONG, June 7, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that the Company and CEPR Limited("CEPR"), a wholly-owned subsidiary of the Company, entered into a Share Purchase Agreement with Joint Stock Company Novatek ("JSC Novatek") and Ekropromstroy Limited Liability Company("Ekropromstroy"), a wholly-owned subsidiary of JSC Novatek, pursuant to which, CEPR shall acquire 10% equity interest in Arctic LNG 2 LLC held by Ekropromstroy (the "Acquisition").
Pursuant to the Share Purchase Agreement, completion of the acquisition is conditional upon the approval of relevant government authorities of China and Russia and satisfaction of certain other conditions. The acquisition is expected to complete in the near future.
JSC Novatek is principally engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons and has more than 20 years of operational experience in the Russian oil and natural gas sector.
Arctic LNG 2 LLC is a limited company incorporated in the Russian Federation engaging in the Arctic LNG 2 Project, the second large onshore conventional natural gas project led by JSC Novatek on the Gydan Peninsula in Russia, which contains the development and production of Utrenneye gas field and the construction and operation of three liquefied natural gas trains. Arctic LNG 2 LLC holds the liquefied natural gas licence that grants an exclusive right to export liquefied natural gas produced from gas extracted from the Utrenneye gas field.
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. 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
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
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SOURCE CNOOC Limited
Article Date
6/7/2019CNOOC Limited Announces Appomattox Field Commence Production
Source: PR Newswire
HONG KONG, May 23, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that the Appomattox Field in the US Gulf of Mexico has safely commenced production ahead of schedule.
Appomattox Field is located approximately 128 kilometers southeast of Louisiana in the deep-water Gulf of Mexico, with water depth of approximately 2,255 meters. Appomattox is the first commercial discovery now brought into production in the deep-water Gulf of Mexico Norphlet formation and has an expected peak production of 175,000 barrels of oil equivalent per day.
Mr. Yuan Guangyu, CEO of CNOOC Limited commented, "We are very pleased with the commencement of production ahead of schedule, as well as the cost reduction that were achieved through optimization and innovation at Appomattox. Appomattox will become a new growth driver to our overseas production."
CNOOC Petroleum Offshore U.S.A. Inc., a wholly owned subsidiary of CNOOC Limited, holds 21% interest in the Appomattox Field. Shell Offshore Inc. is the operator and holds 79% interest.
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. 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
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
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SOURCE CNOOC Limited
Article Date
5/23/2019CNOOC Limited Signed a Heads of Agreement with JSC Novatek for the Arctic LNG 2 Project
Source: PR Newswire
HONG KONG, April 25, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that the Company has signed a Heads of Agreement with JSC Novatek, a Russian gas producer, for the acquisition of 10% interest of the Arctic LNG 2 project.
The Arctic LNG 2 Project is located on the Gydan Peninsula, Russia and the second large onshore conventional natural gas project led by JSC Novatek, which contains the development and production of Utrenneye gas field and the construction and operation of three LNG trains.
The completion of the transaction is subject to the conclusions of due diligence, signing of the Sales and Purchase Agreement, and approval by the Company's Board of Directors as well as that by Chinese and Russian authorities (if needed).
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. 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
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
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SOURCE CNOOC Limited
Article Date
4/25/2019CNOOC Limited Signed a Heads of Agreement with JSC Novatek for the Arctic LNG 2 Project
Source: PR Newswire
HONG KONG, April 25, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that the Company has signed a Heads of Agreement with JSC Novatek, a Russian gas producer, for the acquisition of 10% interest of the Arctic LNG 2 project.
The Arctic LNG 2 Project is located on the Gydan Peninsula, Russia and the second large onshore conventional natural gas project led by JSC Novatek, which contains the development and production of Utrenneye gas field and the construction and operation of three LNG trains.
The completion of the transaction is subject to the conclusions of due diligence, signing of the Sales and Purchase Agreement, and approval by the Company's Board of Directors as well as that by Chinese and Russian authorities (if needed).
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. 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
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
SOURCE CNOOC Limited
Article Date
4/25/2019CNOOC Limited Announces Key Operational Statistics for Q1 2019
Source: PR Newswire
HONG KONG, April 25, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the first quarter of 2019.
The Company achieved a total net production of 120.1 million barrels of oil equivalent ("BOE") for the first quarter of 2019, remaining stable compared to the same period last year. Production from offshore China increased 2.3% year over year ("YoY") to 79.3 million BOE, mainly attributable to commencement of production of new projects. Overseas production decreased 4.2% YoY to 40.8 million BOE, mainly due to completion of historical investment recovery of Missan project in Iraq and expiration of contract of SES block in Indonesia.
During the period, the Company made four new discoveries and drilled ten successful appraisal wells. In Bohai, the new discovery Luda 25-1 is expected to be a mid-sized oil-bearing structure. In Guyana, two new discoveries, namely Tilapia and Haimara, were made in the Stabroek block, which represent the eleventh and twelfth oil discoveries achieved in the block. In addition, on April 18, the operator, ExxonMobil has announced Yellowtail as the thirteenth discovery in the block.
For the new projects planned to commence production this year, Egina oilfield in Nigeria and Huizhou 32-5 oilfield comprehensive adjustment/Huizhou 33-1 oilfield joint development project in offshore China have commenced production successfully, other projects progressed smoothly.
The unaudited oil and gas sales revenue of the Company reached approximately RMB 42.05 billion for the first quarter of 2019, down 1.1% YoY. During the period, the Company's average realized oil price decreased 4.3% YoY to US$60.78 per barrel, which is in line with the international oil prices. The Company's average realized gas price was US$6.88 per thousand cubic feet, increasing by 6.3% YoY, primarily driven by the increased production proportion from gas fields of higher realized gas price.
For the first quarter of 2019, the Company's capital expenditure reached approximately RMB 14.08 billion, up 45.8% YoY as a result of increased workload.
Mr. Yuan Guangyu, CEO of the Company, said, "In the first quarter of the year, the Company's overall production and operations remained stable, capital expenditure increased substantially. Looking ahead, we will steadily increase oil and gas reserve and production, continuously adhere to the concept of green and low-carbon and promote the high-quality development of the Company, strive to achieve the overall target for the year."
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. 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
Article Date
4/25/2019CNOOC China Limited Signs a Petroleum Contract with PetroChina
Source: PR Newswire
HONG KONG, April 24, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its subsidiary, CNOOC China Limited, has signed a Petroleum Contract with PetroChina Company Limited ("PetroChina") for Beibu Gulf 23/29 Block and Beibu Gulf 24/11 Block ("Contract Area").
Beibu Gulf 23/29 Block and Beibu Gulf 24/11 Block are located in the Fushan sag and Leidong sag of Beibu Gulf Basin in South China Sea respectively. Beibu Gulf 23/29 Block covers a total area of 980 square kilometers with a water depth of 0-85 meters. Beibu Gulf 24/11 Block covers a total area of 464 square kilometers with a water depth of 20-40 meters.
According to terms of the Petroleum Contract, PetroChina shall act as the operator during the exploration period in the Contract Area and bear 70% of direct exploration expenditures; CNOOC China Limited bears the other 30% of direct exploration expenditures. The other exploration expenditures shall be borne by each party separately and shall not be credited to the relevant joint account. Once entering into the development and production phase, the two parties, each with 50% participating interests of the Contract Area, shall set up a joint operation organization to act as joint operators.
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. 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
View original content:http://www.prnewswire.com/news-releases/cnooc-china-limited-signs-a-petroleum-contract-with-petrochina-300837212.html
SOURCE CNOOC Limited
Article Date
4/24/2019CNOOC Limited Filed 2018 Annual Report on Form 20-F
Source: PR Newswire
HONG KONG, April 23, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today it has filed with the United States Securities and Exchange Commission ("SEC") its 2018 annual report on Form 20-F ("annual report on Form 20-F") that included audited financial statements for the year ended December 31, 2018.
The annual report on Form 20-F is available on the Company's website at www.cnoocltd.com as well as SEC′s website at www.sec.gov.
CNOOC Limited will also provide a hard copy of its 2018 annual report on Form 20-F to shareholders free of charge, including its complete audited financial statements. To request a hard copy of the annual report, please contact:
Ms. Starry Ding
IR Manager of Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-2973
Fax: +86-10-8452-1441
E-mail: ir@cnooc.com.cn
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. 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
Article Date
4/23/20194/12/2019 - CNOOC Signs a PSC with Smart Oil
CNOOC Signs a PSC with Smart Oil
Source: PR Newswire
HONG KONG, April 12, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed a production sharing contract (PSC) with Smart Oil Investment Ltd. (Smart Oil) for Bohai 09/17 Block (contract area).
Bohai 09/17 Block is located in the Qikou sag, Bohai Bay Basin in China. It covers a total area of 509.3 square kilometers with a water depth of 5-10 meters.
According to the terms of the PSC, Smart Oil shall act as the Operator during the exploration period and conduct exploration activities in the block mentioned above, in which all expenditures incurred will be borne by Smart Oil. Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the Bohai 09/17 Block. After signing the above-mentioned PSC, except for those relating to CNOOC's administrative functions, CNOOC will assign all of its rights and obligations under the PSC to CNOOC China Limited, a subsidiary of CNOOC Limited.
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. 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
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
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SOURCE CNOOC Limited
Article Date
4/12/20193/21/2019 - CNOOC Limited: Reserves and Production Steadily Expanded, Net Profit Significantly Increased
CNOOC Limited: Reserves and Production Steadily Expanded, Net Profit Significantly Increased
Source: PR Newswire
HONG KONG, March 21, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2018 annual results for the year ended December 31, 2018.
In 2018, CNOOC Limited expanded its oil and gas reserves and production at a steady pace, strengthened its cost control and achieved remarkable results. Total net oil and gas production of the Company achieved 475 million barrels of oil equivalent ("BOE"), successfully meeting the annual target set at the year beginning. During the year, the Company made 17 commercial discoveries and successfully appraised 17 oil and gas structures. In offshore China, multiple high quality mid-to-large size oil and gas fields, including Bozhong 19-6 and Bozhong 29-6, were successfully appraised. In overseas, 5 new world-class discoveries were made in the Stabroek block in Guyana. CNOOC Limited's reserve replacement ratio reached 126% and its reserve life improved to 10.5 years. At the end of 2018, the net proved reserves of CNOOC Limited were 4.96 billion BOE, reaching a historic high. Therefore, the Company's resource foundation for sustainable development in the future was further strengthened.
In 2018, the Company's average realized oil price was US$67.22 per barrel, representing an increase of 27.7% year-over-year (YoY). The average realized natural gas price was US$6.41 per thousand cubic feet, representing an increase of 9.8% YoY. In addition, the Company's oil and gas sales revenue was RMB185.9 billion, an increase of 22.4% YoY. The Company focused on technological and management innovation to fuel quality and efficiency enhancements, and achieved cost reduction for the fifth consecutive year. In 2018, the Company's all-in cost decreased to US$30.39 per BOE by 6.6% YoY, and maintained its cost competitiveness. Due to higher international oil prices and improvements in cost control, the Company's net profit increased significantly to RMB52.7 billion, representing an increase of 113.5% YoY.
During the year, the Company maintained a healthy financial position and had abundant free cash flow. The capital expenditures were RMB62.6 billion.
In 2018, the Company's basic earnings per share was RMB1.18. The Board of Directors has proposed a year-end dividend of HK$0.40 per share (tax inclusive).
Mr. Yang Hua, Chairman of CNOOC Limited, said: "In 2018, facing the complex external environment, CNOOC Limited focused on high-quality development, and maintained strong cost competitiveness. The Company steadily expanded the oil and gas reserves and production, achieved a significant growth in net profit. In the future, the Company will continue to increase oil and gas reserves and production, actively implement low-carbon development strategies, speed up the transformation and upgrading, and continuously create value for shareholders."
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. 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. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax: +852-2576 1990
E-mail: cnooc@hkstrategies.com
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SOURCE CNOOC Limited
Article Date
3/21/2019CNOOC Limited Announces Egina Field Commenced Production
Source: PR Newswire
HONG KONG, Jan. 2, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today Egina Field, located in deepwater offshore Nigeria, has commenced production.
The Egina Field is located in around 1600 meters of water depths, 150 Kilometers off the coast of Nigeria. The field development consists of a Floating Production Storage and Offloading (FPSO) unit and a Subsea Production System. The project is expected to reach its peak production of approximately 200,000 barrels of crude oil per day in 2019.
Initially discovered in 2003, the Egina field is the second development in production on the Oil Mining Lease(OML) 130 following the Akpo field which started-up in 2009. Mr. Yuan Guangyu, CEO of the Company said, "The successful commencement of production of Egina Field will strongly support the high-quality development of the Company and become a new growth driver to our overseas production."
CNOOC E&P Nigeria Limited, a wholly-owned subsidiary of CNOOC Limited, holds 45% interest of OML 130 block, in partnership with the Nigerian National Petroleum Corporation (NNPC). TOTAL Upstream Nigeria Limited which holds 24% interest is the operator, while Petrobras Oil and Gas BV holds 16% interest and South Atlantic Petroleum-SAPETRO holds 15% interest.
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 realized or, even if substantially realized, 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. 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
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SOURCE CNOOC Limited
Article Date
1/2/2019CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies
Source: PR Newswire
HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, ConocoPhillips, Equinor, Husky, KUFPEC, Roc Oil, Shell, SK Innovation and TOTAL (in alphabetical order).
According to the agreements, the Strategic Cooperation Areas are located in the Pearl River Mouth Basin offshore China, including Area A and Area B (existing mining license areas and the contract areas are not included). Area A is approximately 15,300 square kilometers, with a water depth of 80-120 meters and only open for the deep layers below Enping Formation of Paleogene. Area B is approximately 48,700 square kilometers, with a water depth of 500-3,000 meters and open for all the layers.
The agreements will facilitate the establishment of a long term and stable cooperation and share the development opportunities to a certain extent in the Strategic Cooperation Areas, creating conditions for the final signing of contracts. CNOOC Limited, as an independent oil and gas exploration and production company, is the only vehicle through which CNOOC engages in exploration, development, production and sale of crude oil and natural gas.
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. 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. 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-signs-strategic-cooperation-agreements-with-9-international-oil-companies-300767985.html
SOURCE CNOOC Limited
Article Date
12/18/2018CNOOC Limited Announces Key Operational Statistics for the Third Quarter of 2018
Source: PR Newswire
HONG KONG, Oct. 25, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the third quarter of 2018.
The Company achieved a total net production of 113.8 million barrels of oil equivalent ("BOE") for the third quarter of 2018, representing a decrease of 2.1% year over year ("YoY"). Production from offshore China reached 73.7 million BOE, almost flat from the same period last year. Overseas production decreased 5.4% YoY to 40.1 million BOE, mainly due to the lower production efficiency in the UK North Sea as a result of the preparation work for infill drilling program.
During the period, the Company made four new discoveries and drilled fourteen successful appraisal wells. The new discovery of Luda 4-3 made in offshore China was preliminarily evaluated as a mid-sized oil and gas structure. Successful drilling of Longtail Structure and Hammerhead Structure at the Stabroek block in Guyana further enhanced the asset value and laid a high-quality resource foundation for future development.
On development and production, three out of five new projects planned for this year have commenced production. Dongfang 13-2 gas fields and Wenchang 9-2/9-3/10-3 gas fields are under installation and commissioning, and expected to commence production within the year.
The unaudited oil and gas sales revenue of the Company reached approximately RMB 47.93 billion for the third quarter of 2018, representing an increase of 33.4% YoY, mainly benefitting from the increase of international oil prices. During the period, the Company's average realized oil price increased 40.7% YoY to US$71.55 per barrel and the average realized gas price increased 3.4% YoY to US$6.26 per thousand cubic feet.
For the third quarter of 2018, the Company's capital expenditure increased 29.6% YoY to approximately RMB 15.27 billion, mainly due to the increase in development and production workload.
Mr. Yuan Guangyu, CEO of the Company, said, "In the third quarter, the Company carried out a stable operation of production and its operating conditions went from strength to strength. The Company will keep this momentum to achieve the full-year targets of production and operation. CNOOC Limited will push ahead with high-quality development and continue to create value for its shareholders."
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. 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. 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
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SOURCE CNOOC Limited
Article Date
10/25/20189/30/2018 - CNOOC Limited Signs PSC with Empyrean
CNOOC Limited Signs PSC with Empyrean
Source: PR Newswire
HONG KONG, Sept. 30, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed a production sharing contract (PSC) with Empyrean Energy PLC (Empyrean) for Block 29/11 in the South China Sea.
Block 29/11 is located in Pearl River Mouth Basin of the South China Sea. The Block covers a total area of 1808 square kilometers with a water depth of 300-600 meters.
According to the terms of the PSC, Empyrean shall act as the operator during the exploration period and conduct exploration activities in the block mentioned above, in which all expenditures incurred will be borne by Empyrean. Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the block. After signing the above-mentioned PSC, except for those relating to CNOOC's administrative functions, CNOOC will assign all of its rights and obligations under the PSC to CNOOC China Limited, a subsidiary of CNOOC Limited.
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. 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. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894-6263
Fax: +852-2576-1990
E-mail: cnooc@hkstrategies.com
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SOURCE CNOOC Limited
Article Date
9/30/20189/18/2018 - CNOOC Limited Announces Penglai 19-3 Oilfield 1/3/8/9 Comprehensive Adjustment Project Commences Production
CNOOC Limited Announces Penglai 19-3 Oilfield 1/3/8/9 Comprehensive Adjustment Project Commences Production
Source: PR Newswire
HONG KONG, Sept. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today the Penglai 19-3 oilfield 1/3/8/9 comprehensive adjustment project has commenced production.
Penglai 19-3 oilfield 1/3/8/9 comprehensive adjustment project is located in south central Bohai Sea, 216 kilometers northwest from Tanggu and 80 kilometers southeast from Penglai city. The average water depth of the oilfield is 27 to 33 meters. The project is fully utilizing the existing facilities in Penglai 19-3 oilfield. Major production facilities include two wellhead platforms and a central processing platform. There are two wells currently producing. The project is expected to reach its peak production of approximately 58,700 barrels of crude oil per day in 2020.
The Company holds 51 percent interest in Penglai 19-3 oilfield and acts as the operator. ConocoPhillips holds the remaining 49 percent interest.
Mr. Yuan Guangyu, CEO of CNOOC Limited, commented: "Successful production commencement of Penglai 19-3 oilfield 1/3/8/9 comprehensive adjustment project will strongly support Bohai to stabilize its production at 30 million tons for another 10 years. We will put quality first and give priority to performance, so as to promote the Company's high-quality development while ensuring the HSE standard."
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. 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. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax:+852-2576 1990
E-mail: cnooc@hkstrategies.com
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SOURCE CNOOC Limited
Article Date
9/18/2018CNOOC Limited Maintaining High-quality Development with Profit Surged
Source: PR Newswire
HONG KONG, Aug. 23, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2018 interim results for the six months ended June 30, 2018.
In the first half of the year, the Company maintained efficient oil and gas production operations with progress and successfully achieved its target. The Company made 8 new discoveries, including 6 discoveries in offshore China and 2 discoveries overseas. Two discoveries of hundred-million-ton of oil equivalent-class were successfully appraised in Bohai. Significant exploration breakthrough was made in South China Sea. Recoverable resources are estimated to be more than 4 billion barrels of oil equivalent in Stabroek Block offshore Guyana. To date, two out of the five new projects planned for 2018 have already commenced production and the remaining three projects are also progressing smoothly. Net production of oil and gas amounted to 238.1 mmboe, which was in-line with our expectation.
In the first half of 2018, the Company maintained a healthy profitability and a sound financial position. Oil and gas sales reached RMB 90.31 billion, representing a year-on-year increase of 20.5%. Net profit reached RMB 25.48 billion, representing a significant increase of 56.8% year-on-year ("YoY"). The Company's average realized oil price was US$ 67.36 per barrel, representing an increase of 33.6% YoY. The average realized natural gas price increased by 13.0% YoY to US$ 6.42 per thousand cubic feet. Despite the international oil prices rebound and industry costs inflation, the Company maintained a competitive all-in cost of US$ 31.83/BOE during the first half of the year.
In the first half of 2018, the Company has maintained sound financial status and achieved a significant increase in free cash flow. The capital expenditures were RMB 21.0 billion. Investment progress is expected to accelerate in the second half of the year.
Mr. Yang Hua, Chairman of CNOOC Limited, commented: "In the first half of 2018, CNOOC Limited continued to capitalize on its strengths to explore favorable opportunities and pursue innovative ideas in an effort to reach its potential. During the period, the Company put quality first and gave priority to performance and achieved outstanding results. Going forward, the Company will continue to maintain its confidence and make solid progress to achieve its major production and operation targets for the year thus to create greater value for the shareholders."
In the first half of the year, the Company's basic earnings per share reached RMB 0.57, representing a significant increase of 56.8% YoY. Taking into account the Company's financial position, the Board has declared an interim dividend of HK$ 0.30 per share (tax inclusive) for the first half of 2018, representing a significant increase of 50% YoY.
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. Jing Liu
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
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SOURCE CNOOC Limited
Article Date
8/23/20187/3/2018 - CNOOC Signs a PSC with Roc Oil and Smart Oil
CNOOC Signs a PSC with Roc Oil and Smart Oil
Source: PR Newswire
HONG KONG, July 3, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed a production sharing contract (PSC) with Roc Oil (Bohai) Company (Roc Oil) and Smart Oil Investment Ltd. (Smart Oil) for Weizhou 10-3W oilfield and Block 22/04 (contract area) in the South China Sea.
Weizhou 10-3W oilfield and Block 22/04 are located in the Beibu Gulf Basin of the South China Sea. The Weizhou 10-3W oilfield covers a total area of 18 square kilometers with a water depth of 40 meters and the Block 22/04 covers a total area of 80 square kilometers with a water depth of 40-80 meters.
According to the terms of the PSC, Roc Oil and Smart Oil shall act as the joint operator of the contract area. Roc Oil and Smart Oil shall conduct the development operation of Weizhou 10-3W oilfield in proportion to their participating interests (Roc Oil 35% and Smart Oil 25%) and CNOOC participates in with the rest 40%. During the exploration phase of Block 22/04, Smart Oil and Roc Oil shall bear all exploration expenditures incurred in proportion to their participating interests (Smart Oil 65% and Roc Oil 35%). Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the Block 22/04. After signing the above-mentioned PSC, except for those relating to CNOOC's administrative functions, CNOOC will assign all of its rights and obligations under the PSC to CNOOC China Limited, a subsidiary of CNOOC Limited.
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. 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. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894-6263
Fax: +852-2576-1990
E-mail: cnooc@hkstrategies.com
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SOURCE CNOOC Limited
Article Date
7/3/2018CNOOC Limited Announces Pricing of Guaranteed Notes Offering
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HONG KONG, April 25, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced on April 25, 2018 (New York time) the pricing of an offering of US$ 1,450,000,000 aggregate principal amount of guaranteed notes. The offering consists of US$450,000,000 of 3.750% guaranteed notes due 2023 (the "2023 Notes") and US$1,000,000,000 of 4.375% guaranteed notes due 2028 (the "2028 Notes"). The 2023 Notes and 2028 Notes (collectively, the "Notes") will be issued by CNOOC Finance (2015) U.S.A. LLC, an indirect wholly-owned subsidiary of the Company formed in Delaware, U.S.A. The Notes will be guaranteed by the Company.
The net proceeds from this offering are expected to be approximately US$1,437,504,000. The proceeds are intended to be used in part to repay all or part of certain outstanding borrowings of our wholly-owned subsidiary Nexen Energy Capital Management U.S.A. Inc. and the remaining proceeds from this offering, if any, will be used for general corporate purpose.
Application has been made to The Stock Exchange of Hong Kong Limited for listing of, and permission to deal in, the Notes by way of debt issue to professional investors only. Listing of the Notes on The Stock Exchange of Hong Kong Limited is not to be taken as an indication of the merits of the Notes, the Company or CNOOC Finance (2015) U.S.A. LLC.
Bank of China Limited (中国银行股份有限公司), BOCI Asia Limited (中银国际亚洲有限公司), Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) L.L.C., The Hongkong and Shanghai Banking Corporation Limited and J.P. Morgan Securities LLC are the joint global coordinators, joint lead managers and joint bookrunners for the offering. ICBC International Securities Limited, Mizuho Securities USA LLC, Natixis Securities Americas LLC and Société Générale are the joint bookrunners for the offering.
The offering of the Notes is made pursuant to the Company's shelf registration statement on Form F-3 (File No. 333-224357) filed with the United States Securities and Exchange Commission (the "US SEC") on April 20, 2018. A preliminary prospectus supplement and accompanying prospectus have been filed with the US SEC in connection with this offering. The offering may only be made by means of the prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-800-831-9146; Credit Suisse Securities (USA) LLC, Eleven Madison Avenue, New York, NY 10010, Attn: Prospectus Department, telephone: 1-800-221-1037; Prospectus Department, Goldman Sachs & Co, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526 / 1-212-902-9316; HSBC Securities (USA) Inc., 452 Fifth Avenue, New York, NY 10018, telephone: 1-866-811-8049; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Facsimile: +1 212 834 6081, Attn: Investment Grade Finance; Mizuho Americas, 320 Park Avenue – 12th Floor, New York, NY 10022, telephone: 1-212-209-9300; Natixis Securities Americas LLC, 1251 Avenue of the Americas, New York, NY 10020; or SG Americas Securities, LLC, 245 Park Avenue New York, NY 10167, telephone: 1-855-881-2018.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes, nor will there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.
No PRIIPs key information document (KID) has been prepared as not available to retail in EEA.
About CNOOC Limited
CNOOC Limited is the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world. CNOOC Limited mainly engages in exploration, development, production and sale of crude oil and natural gas.
- End -
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. 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. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894-6263
Fax: +852-2576-1990
E-mail: cnooc@hkstrategies.com
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SOURCE CNOOC Limited
Article Date
4/26/2018CNOOC Limited Announces Key Operational Statistics for Q1 2018
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HONG KONG, April 20, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the first quarter of 2018.
The Company achieved total net production of 120.1 million barrels of oil equivalent ("BOE") for the first quarter of 2018, representing an increase of 0.8% year over year ("YoY"). Production from offshore China decreased 1.2% YoY to 77.5 million BOE, mainly due to normal decline of the producing fields. Overseas production increased 4.7% YoY to 42.6 million BOE, mainly driven by production growth of Missan project in Iraq and an increase of interests held by Bridas in Pan American Energy.
During the period, the Company made six new discoveries and drilled fifteen successful appraisal wells. In Eastern South China Sea, new discoveries of Enping 10-2 and Enping 15-2 are expected to be jointly developed with Enping 15-1 to become a mid-sized oilfield. Another two new discoveries, Ranger and Pacora, were made at the Stabroek block in Guyana, which represent the sixth and seventh oil discoveries at the block to date.
For the new projects planned to commence production this year, Stampede oil field and Weizhou 6-13 oil field have commenced production, and other projects have progressed smoothly.
The unaudited oil and gas sales revenue of the Company reached approximately RMB 42.54 billion for the first quarter of 2018, representing an increase of 10.8% YoY, mainly due to the significant rebound in international oil prices. During the period, the Company's average realized oil price increased 23.0% YoY to US$63.50 per barrel, which is in line with the international oil prices trend. The Company's average realized gas price was US$6.47 per thousand cubic feet, increasing by 7.8% YoY, primarily due to the increased volume from gas fields with higher realized gas price.
For the first quarter of 2018, the Company's capital expenditure reached approximately RMB 9.66 billion.
Mr. Yuan Guangyu, CEO of the Company, said, "In the first quarter of the year, the global economy continued to make a stable recovery. During this time, the Company had strong performance meeting its production and operational plan. Building on our experience during the low oil price environment, the Company successfully delivered improved growth in the first quarter. Going forward, we will sustain this growth by enhancing quality and efficiency through innovation and maintaining strong cost competitiveness."
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. 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. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894-6263
Fax: +852-2576-1990
E-mail: cnooc@hkstrategies.com
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SOURCE CNOOC Limited
Article Date
4/20/2018CNOOC Limited: Reserve and Profit Significantly Increased, Net Profit Greatly Improved
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HONG KONG, March 29, 2018 /PRNewswire/ -- CNOOC Limited (the "Company") (SEHK: 00883) (NYSE: CEO) (TSX: CNU) today announced its 2017 annual results for the year ended December 31, 2017.
The Company significantly advanced work in exploration, development and production throughout 2017, which have further strengthened the resource foundation of sustainable development. In offshore China, the Company delivered substantial exploration results and breakthroughs. Overseas exploration recorded significant success allowing the Company to further optimize its strategic overseas portfolio. During the year, the Company made 19 commercial discoveries and successfully appraised 16 oil and gas structures. In addition, reserve life improved significantly to 10.3 years, with the reserve replacement ratio reaching 305% for the year. At the end of 2017, the Company's net proved reserves were approximately 4.84 billion barrels of oil equivalent ("BOE"), reaching a historic high. New projects progressed smoothly and all five projects planned at the beginning of the year successfully commenced production. The Company outperformed its oil and gas production target for the year with net oil and gas production reaching 470.2 million BOE.
In 2017, the Company's average realized oil price was US$52.65 per barrel, representing an increase of 27.2% year-over-year (YoY). The average realized natural gas price was US$5.84 per thousand cubic feet, representing an increase of 7.0% YoY. In addition, the Company's oil and gas sales revenue was RMB151.9 billion, representing an increase of 25.2% YoY. The Company focused on innovation to fuel quality and efficiency enhancements, and achieved cost reductions for the fourth consecutive year. In 2017, the Company's all-in cost was US$32.54 per BOE, a decrease of 6.2% YoY. Net profit increased significantly to RMB24.7 billion; due primarily to higher international oil prices and improvements in cost control.
During the year, the Company maintained a healthy financial position and had abundant free cash flow. The capital expenditures were RMB50.1 billion.
In 2017, the Company's basic earnings per share was RMB0.55. The Board of Directors has proposed a year-end dividend of HK$0.30 per share (tax inclusive).
Mr. Yang Hua, Chairman of CNOOC Limited, said: "The Company continued efforts to enhance quality and efficiency through innovation, and maintained strong cost competitiveness. The Company increased the reserve life significantly and improved profit greatly. In the future, the Company will follow the established development strategy and continue to pursue value creation to bring greater returns to shareholders."
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. Jing Liu
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
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SOURCE CNOOC Limited
Article Date
3/29/2018CNOOC Limited Announces Weizhou 6-13 Oilfield Commences Production
Source: PR Newswire
HONG KONG, March 20, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that Weizhou 6-13 oilfield has commenced production ahead of schedule.
Weizhou 6-13 oilfield is located in Beibu Gulf in the South China Sea with an average water depth of approximately 35 meters. In addition to fully utilizing the existing facilities of Weizhou 12-1 oilfield, the project has also built one wellhead platform. Currently, there are seven wells in production and the project is expected to reach a peak production of approximately 9,400 barrels of crude oil per day in 2019, exceeding its ODP approximately 3,000 barrels of crude oil per day.
Weizhou 6-13 oilfield is an independent oilfield in which the Company holds 100% interest and acts as the operator.
Mr. Yuan Guangyu, CEO of the Company, said: "Weizhou 6-13 oilfield not only commenced production ahead of schedule, but also exceeded its ODP's estimates in both reserves and production. This is attributable to the Company's efforts in strengthening of its innovation and technology-driven philosophy and reinforcing its quality and efficiency enhancements."
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. Jing Liu
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
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SOURCE CNOOC Limited
Article Date
3/20/2018CNOOC Limited Announces Stampede Field Commences Production
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HONG KONG, Feb. 5, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that the Stampede Field, located in the deepwater Gulf of Mexico, has commenced production.
The Stampede Field is located in the Gulf of Mexico, approximately 185 kilometers south of Fourchon, Louisiana, U.S.A. It is positioned in approximately 1,066 meters of water, with a reservoir depth of 9,100 meters.
The facility is designed for a gross topsides processing capacity of approximately 80,000 barrels of oil per day, 40 million standard cubic feet of natural gas per day, and 100,000 barrels of water injection capacity per day. Under the current development scope, production facilities will consist of six subsea production wells and four water injection wells tied back to a Tension Leg Platform (TLP). Three production wells are currently completed, and production is expected to ramp up through 2018.
Nexen Petroleum Offshore U.S.A. Inc., a wholly owned affiliate of CNOOC Limited, has a 25 percent working interest in Stampede Field. Hess Corporation, Union Oil Company of California, a subsidiary of Chevron Corporation and Statoil Gulf of Mexico LLC, each have a 25 percent working interest while Hess is the operator.
- End -
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 realized or, even if substantially realized, 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: liujing1@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax:+852-2576 1990
E-mail: cnooc@hkstrategies.com
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SOURCE CNOOC Limited
Article Date
2/6/2018CNOOC Limited Announces its 2018 Business Strategy and Development Plan
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HONG KONG, Feb. 1, 2018 /PRNewswire/ -- 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
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SOURCE CNOOC Limited
Article Date
2/1/2018CNOOC Limited Announces Weizhou 12-2 oil field Phase II Project Commences Production
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HONG KONG, Nov. 28, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today the Weizhou 12-2 oil field phase II project has already commenced production.
The Weizhou 12-2 oil field phase II project is located in Beibu Gulf in the South China Sea with an average water depth of approximately 35.7 meters. In addition to fully utilizing the existing facilities of Weizhou 12-2 oil field, the project has also built one wellhead platform. There are seven wells currently producing approximately 6,400 barrels of crude oil per day. The project is expected to reach its ODP designed peak production of approximately 11,800 barrels of crude oil per day in 2018.
The Weizhou 12-2 oil field phase II project is an independent oilfield in which the Company holds 100% interest and acts as the operator.
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:
Mr. Yan Cao
Deputy General Manager, Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1417
Fax: +86-10-8452-1441
E-mail: caoyan@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax:+852-2576 1990
E-mail: cnooc@hkstrategies.com
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SOURCE CNOOC Limited
Article Date
11/28/2017CNOOC Limited Announces Libra Block in Brazil Start Production
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HONG KONG, Nov. 27, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today Libra block in Brazil has already started production.
The Libra block is located approximately 180 kilometers off the Rio de Janeiro coast. The block had its first oil produced with the Pioneiro de Libra FPSO, destined to extended well tests, with the purpose of evaluating the dynamic behavior of the oil reservoir and deepening the knowledge on the characteristics of the deposit. Pioneiro de Libra has a daily operational capacity rate up to 50,000 barrels of crude oil and 4 million cubic meters of associated gas.
The Company holds 10% in the Libra Consortium, with the operator Petrobras (40%), Shell (20%), Total (20%) and CNPC (10%).
Mr. Chen Ming, President of CNOOC International Limited commented, "It is a great pleasure to see the Libra block reaching an important milestone, which is the result of our joint efforts with our partners, and we look forward to better performance in the future."
Mr. Yuan Guangyu, CEO of the Company commented, "This year, the company has made great achievements in Brazil. In addition to the Libra block started production, the Company also has won the bid of ES-M-592 block in Espírito Santo basin and Alto de Cabo Frio Oeste block in Santos basin. These successes will help Company expand overseas business and lay a good foundation for future development."
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:
Mr. Yan Cao
Deputy General Manager, Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1417
Fax: +86-10-8452-1441
E-mail: caoyan@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax: +852-2576 1990
E-mail: hl.wong@hkstrategies.com
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SOURCE CNOOC Limited
Article Date
11/27/2017CNOOC Limited Announces Key Operational Statistics for Q3 2017
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HONG KONG, Oct. 25, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the third quarter of 2017.
For the third quarter of the year, the Company achieved a total net production of 116.2 million barrels of oil equivalent ("BOE"), representing a decrease of 1.3% year over year ("YoY"). Production from offshore China decreased 2.4% YoY to 73.8 million BOE, mainly due to production decline of producing fields. Overseas production increased 0.7% YoY to 42.4 million BOE.
During the period, the Company made five new discoveries and drilled nine successful appraisal wells. Successful appraisal of Wushi 16-1W is expected to promote the development of Wushi oilfield Phase II and build it into a mid-to-large size oilfield. In overseas, new progress of exploration in Stabroek block has been made, including the successful appraisal well Payara-2 and the new discovery well Turbot-1.
To date, four out of five new projects planned for this year have commenced production. Weizhou 12-2 oil field Phase II is under installation and commissioning and expected to commence production within the year .
For the third quarter of the year, the unaudited oil and gas sales revenue of the Company reached approximately RMB 35.94 billion, representing an increase of 16.9% YoY, mainly due to the increase of average realized oil and gas prices. During the period, the Company's average realized oil price increased 20.4% YoY to US$50.87 per barrel, which mainly due to the increased international oil prices. The Company's average realized gas price was US$6.05 per thousand cubic feet, representing an increase of 15.9% YoY, mainly due to the increasing percentage of sale volume of high-price in project offshore China and the rise of benchmark gas prices overseas.
For the third quarter of the year, the Company's capital expenditure reached approximately RMB 11.78 billion, almost flat from the same period of last year.
Mr. Yuan Guangyu, CEO of the Company, said, "During the third quarter of the year, the Company made every effort to fully tap potential, constantly push forward quality and efficiency enhancement. Meanwhile, we are confident that we will achieve our production and operation targets for the year and continuously create greater value for the shareholders. "
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:
Mr. Yan Cao
Deputy General Manager, Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1417
Fax: +86-10-8452-1441
E-mail: caoyan@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852 2894 6263
Fax: +852-2576 1990
E-mail: CNOOC@hkstrategies.com
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SOURCE CNOOC Limited
Article Date
10/25/20179/5/2017 - CNOOC signs PSC with SK
CNOOC signs PSC with SK
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, Sept. 5, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed production sharing contract (PSC) with SK Innovation Co., Ltd. (SK) for Block 17/08 in the South China Sea.
Block 17/08 is located in the Pearl River Mouth Basin. The block covers a total area of 466 square kilometers with a water depth of 100-130 meters.
According to the terms of the PSC, SK shall act as the operator during the exploration period and conduct exploration activities in the block mentioned above, in which all expenditures incurred will be borne by SK. Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the block. After signing the above-mentioned PSC, except for those relating to CNOOC's administrative functions, CNOOC will assign all of its rights and obligations under PSC to CNOOC China Limited, a subsidiary of CNOOC Limited.
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:
Mr. Yan Cao
Deputy General Manager, Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1417
Fax: +86-10-8452-1441
E-mail: caoyan@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax:+852-2576 1990
E-mail: hl.wong@hkstrategies.com
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SOURCE CNOOC Limited
Article Date
9/5/2017CNOOC Limited Announces Hangingstone Project Commences Production
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, Aug. 8, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today the Hangingstone project in Canada has already commenced production.
The Hangingstone project, located in Alberta, Canada, consists of steam-generating equipment, well pad facilities, 32 well pairs, water treatment and bitumen flowlines. The project is expected to reach its peak production rate of approximately 20,000 barrels of bitumen per day in 2018.
NEXEN Energy ULC, a wholly owned subsidiary of CNOOC Limited, has a 25% working interest in Hangingstone Project, while Japan Canada Oil Sands Limited (JACOS) holds the remaining 75% working interest and acts as the operator.
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:
Mr. Yan Cao
Deputy General Manager, Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1417
Fax: +86-10-8452-1441
E-mail: caoyan@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax:+852-2576 1990
E-mail: hl.wong@hkstrategies.com
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
View original content:http://www.prnewswire.com/news-releases/cnooc-limited-announces-hangingstone-project-commences-production-300500893.html
SOURCE CNOOC Limited
Article Date
8/8/2017CNOOC Limited Announces Key Operational Statistics for Q1 2017
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, April 27, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the first quarter of 2017.
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
For the first quarter of the year, the Company achieved total net production of 119.1 million barrels of oil equivalent ("BOE"), representing a decrease of 4.2% year-on-year ("YoY"), mainly due to the natural decline of the producing oil and gas fields.
During the period, the Company made four new discoveries and successfully drilled five appraisal wells in offshore China. Among them, the newly discovered Bozhong 29-6 and Bozhong 29-6S in the mature area of Bohai demonstrated favorable exploration potential of this area. The successfully appraised Penglai 7-6 proved to be a mid-size oil and gas structure. The Company also made one new discoveries and successfully drilled one appraisal wells overseas.
To date, for the projects planned to commence production this year, Penglai 19-9 oil field comprehensive adjustment project and the Enping 23-1 oil fields have already come on stream, and the other projects are moving smoothly.
For the first quarter of the year, the unaudited oil and gas sales revenue of the Company reached approximately RMB38.39 billion, representing an increase of 55.8% YoY, mainly attributable to the significant rebound in international oil prices. During the period, the Company's average realized oil price increased by 58.7% YoY to US$51.64 per barrel, which was on par with the trend of the international oil prices, while the average realized gas price was US$6 per thousand cubic feet, up 5.4% YoY.
For the first quarter of the year, the Company's capital expenditure amounted to approximately RMB 8.67 billion, representing a decrease of 10.6% YoY, mainly due to the YoY decrease in investment on development according to the work schedule arrangement.
Mr. Yuan Guangyu, CEO of the Company, said, "Despite the continued challenging market conditions, the Company has maintained smooth production and operations during the first quarter of the year. We will continue to enhance quality and efficiency, pursue quality growth, and increase profitability-oriented production volume."
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:
Mr. Yan Cao
Deputy General Manager, Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1417
Fax: +86-10-8452-1441
E-mail: caoyan@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852 2894 6263
Fax: +852-2576 1990
E-mail: HL.Wong@hkstrategies.com
SOURCE CNOOC Limited
Article Date
4/27/2017CNOOC Limited Filed 2016 Annual Report on Form 20-F
Source: PR Newswire
HONG KONG, April 21, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today it has filed with the United States Securities and Exchange Commission ("SEC") its 2016 annual report on Form 20-F ("annual report") that included audited financial statements for the year ended December 31, 2016.
The annual report is available on the Company's website at www.cnoocltd.com as well as SEC′s website at www.sec.gov.
CNOOC Limited will also provide a hard copy of its 2016 annual report on Form 20-F to shareholders free of charge, including its complete audited financial statements. To request a hard copy of the annual report, please contact:
Ms. Starry Ding
IR Manager of Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-2973
Fax: +86-10-8452-1441
E-mail: IR@cnooc.com.cn
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:
Mr. Yan Cao
Deputy General Manager, Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1417
Fax: +86-10-8452-1441
E-mail: caoyan@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax: +852-2576 1990
E-mail: hl.wong@hkstrategies.com
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
SOURCE CNOOC Limited
Article Date
4/21/20174/14/2017 - CNOOC Signs PSC With Husky
CNOOC Signs PSC With Husky
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, April 13, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed production sharing contract (PSC) with Husky Oil Operations (China) Limited (Husky) for Block 16/25 in the South China Sea.
Block 16/25 is located in the Pearl River Mouth Basin. The block covers a total area of 44 square kilometers with a water depth of 100 meters.
According to the terms of the PSC, Husky shall act as the operator during the exploration period and conduct exploration activities in the block mentioned above, in which all expenditures incurred will be borne by Husky. Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the block. After signing the above-mentioned PSC, except for those relating to CNOOC's administrative functions, CNOOC will assign all of its rights and obligations under PSC to CNOOC China Limited, a subsidiary of CNOOC Limited.
- End -
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:
Mr. Yan Cao
Deputy General Manager, Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1417
Fax: +86-10-8452-1441
E-mail: caoyan@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax:+852-2576 1990
E-mail: hl.wong@hkstrategies.com
Logo: http://photos.prnasia.com/prnh/20150819/8521505396LOGO
SOURCE CNOOC Limited
Article Date
4/14/2017CNOOC: Reshaping Cost Competitiveness, Steady Progress Made in All Businesses in 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, March 23, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2016 annual results for the year ended December 31, 2016.
In 2016, the Company has overcome many difficulties and made smooth progress in exploration, development and production, and continued to maintain a reasonable ratio of exploration investment, and ensured the mid to long-term sustainable development with a higher workload. During the year, the Company made 14 commercial discoveries and successfully appraised 25 oil and gas structures. Oil and gas reserves made by independent new discoveries in offshore China continued to maintain at a higher level. New breakthroughs have also been made in explorations in new areas, while multiple overseas large-scale high-quality projects are progressing smoothly. Reserve replacement ratio excluding economic revisions was 145% for the year despite the low oil prices. As at the end of 2016, the Company's net proved reserves were approximately 3.88 billion barrels of oil equivalent (BOE).
The Company successfully met its annual oil and gas production target upon further Capex cuts, with net oil and gas production reaching 476.9 million BOE. The four projects planned for 2016 have commenced production smoothly during the year, including Kenli 10-4 oilfield, Panyu 11-5 oilfield, Weizhou 6-9/6-10 comprehensive adjustment project and Enping 18-1 oilfield.
For the last three years, the Company has unrelentingly pursued a management concept centered around cost control and improved efficiency, and formulated a workable and development plan. In 2016, the Company paid further attention to quality and efficiency and struck a balance between the Company's short-term survival and long-term development. It pursued growth with value, in order to make the production output more efficient. As a result, its ability for sustainable development has improved overall.
In 2016, the Company's average realized oil price was US$41.40 per barrel, representing a decline of 19.3% year-over-year (yoy), while the average realized natural gas price was US$5.46 per thousand cubic feet, representing a decline of 14.6% yoy. In addition, the Company's oil and gas sales revenue was RMB121.3 billion, representing a decline of 17.2% yoy. In the face of oil price fluctuations -- which are beyond the Company's control -- the Company has consistently put efficiency enhancement as the key in dealing with industry cycles. In 2016, the Company's all-in cost was US$34.67 per BOE, a decrease of 12.9% yoy. The net profit was RMB637 million.
During the year, the Company's capital expenditures were RMB49.0 billion, representing a decrease of 26.3% yoy.
In 2016, the Company's basic earnings per share was RMB 0.01. The Board of Directors have proposed a year-end dividend of HK$0.23 per share (tax inclusive).
Mr. Yang Hua, Chairman and CEO of CNOOC Limited, said, "In 2016, the Company has maintained a strong cost competitiveness despite low oil prices and sluggish global economic growth. The Company unrelentingly pursued a management concept centered around cost control and improved efficiency, maintained prudent financial policies, and realized sound and steady growth in every business. Looking ahead, the Company will continue to adhere to a value-driven approach and enhance the core competitiveness of the core oil and gas business, so as to secure the long and sustainable development of the Company."
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:
Mr. Yan Cao
Deputy General Manager, Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-1417
Fax: +86-10-8452-1441
E-mail: caoyan@cnooc.com.cn
Ms. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852 2894 6263
Fax: +852-2576 1990
E-mail: HL.Wong@hkstrategies.com
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
SOURCE CNOOC Limited
Article Date
3/23/2017CNOOC Limited Announces its 2017 Business Strategy and Development Plan
Source: PR Newswire
HONG KONG, Jan. 19, 2017 /PRNewswire/ -- CNOOC Limited (the "Company") (SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its business strategy and development plan for the year 2017.
The Company's net production target for 2017 is in the range of 450 to 460 million barrels of oil equivalent (BOE), of which approximately 64% and 36% are produced in China and overseas, respectively. The net production targets set for 2018 and 2019 are 455 million to 465 million BOE and 460 million to 470 million BOE, respectively. The net production for 2016 is expected to be approximately 476 million BOE.
There will be 5 new projects coming on stream during the year, of which the Penglai 19-9 oilfield comprehensive adjustment project and the Enping 23-1 oilfields in China have commenced production. The other three projects, namely phase two of the Weizhou 12-2 oilfield project in China, the BD gas field in Indonesia and the Hangingstone project in Canada will commence production as scheduled in the year. Currently, nearly 20 projects are under construction.
In 2017, the Company plans to drill 126 exploration wells and acquire approximately 13 thousand square kilometers of 3-Dimensional (3D) seismic data.
The Company's total capital expenditure for 2017 will be in the range of RMB60.0 to RMB70.0 billion. Of that amount, the capital expenditures for exploration, development and production will account for around 18%, 66% and 15% respectively. The Company will maintain prudent fiscal management and enhance capital efficiency to facilitate sustainable development.
Mr. Yuan Guangyu, President of the Company, said: "We will maintain prudent financial policy and improve capital efficiency in response to the continued challenge posed by low oil prices. Also, we will optimize the Company's asset portfolio and focus on return to make steady progress in all businesses."
Mr. Yang Hua, Chairman and CEO of the Company, commented: "In 2017, we will balance both short-term and mid to long-term development, pursue quality growth, increase profitability-oriented production volume in order to bring better return for our investors."
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. 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. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894-6263
Fax:+852-2576-1990
E-mail: hl.wong@hkstrategies.com
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
SOURCE CNOOC Limited
Article Date
1/19/20171/17/2017 - Enping 23-1 Oilfields Commences Production
Enping 23-1 Oilfields Commences Production
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, Jan. 17, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that the Enping 23-1 oilfields has commenced production.
The Enping 23-1 oilfields, located in the Pearl River Mouth Basin of the South China Sea with an average water depth of approximately 90 meters. In addition to fully utilizing the existing facilities of Enping 24-2 oilfield, the Overall Development Program (ODP) of Enping 23-1 project teamed up with Enping 23-2, Enping 23-7 and Enping 18-1 oilfields for regional joint development. The main production facilities of Enping 23-1, Enping 23-2 and Enping 23-7 oilfields include one platform and 13 producing wells. There are currently three wells producing approximately 5,600 barrels of crude oil per day. The project is expected to reach its ODP designed peak production of approximately 24,800 barrels of crude oil per day in 2018.
The Company holds 100% interest of the oilfields.
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. 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. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax:+852-2576 1990
E-mail: hl.wong@hkstrategies.com
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
SOURCE CNOOC Limited
Article Date
1/17/2017Penglai 19-9 Comprehensive Adjustment Project Commences Production
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, Jan. 12, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that the Penglai 19-9 comprehensive adjustment project has commenced production.
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
The Penglai 19-9 oilfield is located in Bohai which has an average water depth of approximately 30 meters. In addition to fully utilizing the existing facilities of Penglai 19-3 oilfield, this adjustment project has also built one wellhead platform. There are 57 planned producing wells in total with two wells currently producing approximately 750 barrels of crude oil per day. The adjustment project is expected to reach its Overall Development Program designed peak production of approximately 13,000 barrels of crude oil per day in 2019.
CNOOC Limited has 51% working interest in Penglai 19-9 oilfield and acts as the operator, while its partner, ConocoPhillips China holds the remaining 49% working interest.
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. 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. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax:+852-2576 1990
E-mail: hl.wong@hkstrategies.com
SOURCE CNOOC Limited
Article Date
1/12/2017CNOOC Limited Announces Key Operational Statistics for Q3 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, Oct. 26, 2016 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the third quarter of 2016.
For the third quarter of the year, the Company achieved total net production of 117.7 million barrels of oil equivalent ("BOE"), representing a decrease of 7.7% year-on-year ("YoY"), mainly due to the decline of production volume in oil and gas fields and weak demand in the domestic downstream gas market.
During the period, the Company made one new discovery and drilled ten successful appraisal wells offshore China. During the third quarter, Weizhou 6-9/6-10 comprehensive adjustment project and Enping 18-1 oilfield commenced production. The four projects that were planned to come on stream in 2016 have all commenced production.
For the third quarter of the year, the unaudited oil and gas sales revenue of the Company reached approximately RMB30.75 billion, representing a decrease of 15.2% YoY. The Company's average realized oil price decreased by 13.5% YoY to US$42.26 per barrel, while the average realized gas price was US$5.22 per thousand cubic feet, down 18.6% YoY.
To cope with the low oil price environment, the Company continued to lower costs, enhance efficiency and cut capital expenditure for the whole year. During the period, the Company's capital expenditure amounted to approximately RMB11.67 billion, representing a decrease of 20.9% YoY.
Mr. Yang Hua, Chairman and CEO of the Company, said, "In view of the market challenges during the third quarter of the year, the Company endeavored to lower costs and enhance efficiency, as well as made proactive efforts in all fields. In addition, the Company is confident in meeting the full year target of its key operating indicators."
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. 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. Iris Wong
Hill+Knowlton Strategies Asia
Tel: +852-2894 6263
Fax: +852-2576 1990
Email: hl.wong@hkstrategies.com
SOURCE CNOOC Limited
Article Date
10/26/2016Weizhou 6-9/6-10 Comprehensive Adjustment Project Commences Production
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, Sept. 12, 2016 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that the Weizhou 6-9/6-10 comprehensive adjustment project has commenced production.
The Weizhou 6-9/6-10 oilfield is located in Beibu Gulf in the South China Sea with an average water depth of approximately 35 meters. In addition to fully utilize the existing facilities of Weizhou 6-9/6-10, this adjustment project has also built one wellhead platform. There is currently one producing well producing approximately 850 barrels of crude oil per day. The adjustment project is expected to reach its ODP designed peak production of approximately 3,800 barrels of crude oil per day in 2018.
The Weizhou 6-9/6-10 is an independent oilfield in which the Company holds 100% interest and acts as the operator.
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. 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. Samantha Wang
Hill+Knowlton Strategies Asia
Tel: +852-2894-6266
Fax: +852-2576-1990
E-mail: samantha.wang@hkstrategies.com
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
SOURCE CNOOC Limited
Article Date
9/12/2016CNOOC Limited Announces Changes in Directors and Senior Management
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, June 15, 2016 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced changes in directors and senior management of the Company. Mr. Yang Hua has been appointed as CEO and re-designated Executive Director. He remains Chairman of the Company. Mr. Wu Guangqi has been re-designated Non-executive Director and has resigned as Compliance Officer. Mr. Yuan Guangyu has been appointed as President and Executive Director. Mr. Li Fanrong has resigned from his position as CEO, President and Executive Director. Mr. Chen Wei has been appointed as Compliance Officer and General Counsel. The aforementioned changes take effect from June 15, 2016.
After Mr. Li was appointed CEO in 2011, he successfully led the Company in achieving operational targets with his extensive industry experience and forward-looking vision. The Board of Directors would like to express their appreciation and gratitude to Mr. Li Fanrong for his outstanding contributions to the Company over the past few years, and wish Mr. Li all the best in his new position.
Mr. Yang Hua, Chairman and CEO of CNOOC Limited, said, "On behalf of the Board of Directors, I extend a warm welcome to Mr. Yuan Guangyu on his appointment as President and Executive Director. Together with Mr. Yuan and the management, I will lead the Company to proactively tackle the challenges of low oil prices, adjust our development concept in a timely manner, and promote the Company's sustainable development to create greater value for our shareholders."
Mr. Yang Hua
Born in 1961, Mr. Yang is a professor-level senior economist and graduated from China University of Petroleum with a B.S. degree in petroleum engineering. He also received an MBA degree from the Sloan School of Management at MIT as a Sloan Fellow. Mr. Yang joined China National Offshore Oil Corporation ("CNOOC") in 1982 and has over 30 years of experience in petroleum exploration and production. From 1982 to 1992, Mr. Yang served in a number of positions in CNOOC Research Center including the Director of Field Development Department, the Manager of Reservoir Engineering Department and the Project Manager. Thereafter, Mr. Yang was mainly involved in international business, M&A, corporate finance and capital market operations. From 1993 to 1999, he served as the Deputy Chief Geologist, the Deputy Director and the Acting Director for Overseas Development Department of CNOOC and the Vice President of CNOOC International Limited. From 1999 to 2011, Mr. Yang served in a number of positions in the Company including Senior Vice President, Chief Financial Officer, Executive Vice President, President and Chief Executive Officer. Mr. Yang also served as an Assistant President of CNOOC from November 2006 to April 2010 and as Vice President of CNOOC from April 2010 to August 2011. Mr. Yang served as Director and President of CNOOC from August 2011 to April 2015. He was appointed as Chairman of CNOOC in April 2015. In addition, he serves as Chairman and Director of CNOOC China Limited, being a subsidiary of the Company. He also served as Chairman, Director and President of CNOOC Southeast Asia Limited, General Manager of CNOOC China Limited and Chairman and Director of CNOOC International Limited, all being subsidiaries of the Company. He also served as Director of CNOOC Finance Corporation Limited, a subsidiary of CNOOC. Mr. Yang was appointed as an Executive Director of the Company with effect from 31 August 2005 and was the Vice Chairman of the Board of the Company from 16 September 2010 to 19 May 2015, and was re-designated from an Executive Director to a Non-Executive Director of the Company with effect from 23 November 2011. Mr. Yang was appointed as Chairman of the Board and Chairman of the Nomination Committee of the Company with effect from 19 May 2015. Mr. Yang has been re-designated from a Non-executive Director to an Executive Director and appointed as the Chief Executive Officer of the Company with effect from 15 June 2016.
Mr. Wu Guangqi
Born in 1957, Mr. Wu is a geologist, professor-level senior economist, Certified Senior Enterprise Risk Manager and Certified Internal Auditor and graduated with a B.S. degree from the Ocean University of China, majoring in Marine Geology. He also holds a master degree in Management from China University of Petroleum and a doctor degree in Management from Huazhong University of Science and Technology. Mr. Wu joined CNOOC in 1982. From 1994 to 2001, he served as the Deputy General Manager of CNOOC Oil Technical Services Company, a subsidiary of CNOOC, the Director of the Administration Department of CNOOC and the Director of the Ideology Affairs Department of CNOOC successively. Mr. Wu was appointed as an Assistant President of CNOOC in 2003, and has been the Vice President of CNOOC since 2004. Mr. Wu also serves as the Vice Chairman of China Association of Risk Professionals, the Vice Chairman of China Association of Oceanic Engineering, the Director-General of National Energy Deepwater Oil & Gas Engineering Technology Research Centre Council and the Chairman of CNOOC Marine Environment and Ecology Protection Foundation. Mr. Wu served as an Independent Non-executive Director of China Yangtze Power Limited, a company listed on the Shanghai Stock Exchange, from May 2003 to July 2010. Mr. Wu has served as the Compliance Officer of the Company since 1 June 2005 and he also serves as a Director of CNOOC China Limited and CNOOC International Limited, all being the subsidiaries of the Company. Mr. Wu was appointed as an Executive Director of the Company with effect from 1 June 2005. Mr. Wu has been re-designated from an Executive Director to a Non-executive Director of the Company and has resigned as the Compliance Officer of the Company with effect from 15 June 2016.
Mr. Yuan Guangyu
Born in 1959, Mr. Yuan is a professor-level senior engineer. He graduated from China University of Petroleum with a bachelor's degree in drilling engineering. He graduated from the EMBA program of China Europe International Business School in 2007 with an MBA degree. Mr. Yuan joined CNOOC in 1982 and has over 30 years of experience in the oil and gas industry. From February 1993 to October 2001, Mr. Yuan served as Deputy Manager of CNOOC Bohai Drilling Company, Deputy General Manager of CNOOC China Offshore Oil Northern Drilling Company, Deputy General Manager of the Operational Department of CNOOC, General Manager of CNOOC China Offshore Oil Northern Drilling Company. From October 2001 to February 2009, Mr. Yuan served as President of CNOOC Services, and Chairman of the Board of Directors, Chief Executive Officer and President of China Oilfield Services Limited. In November 2006, Mr. Yuan was appointed as the Assistant President of CNOOC. In February 2009, Mr. Yuan was appointed as the Executive Vice President of the Company. In April 2013, Mr. Yuan was appointed as Director of Bohai Petroleum Administrative Bureau of CNOOC and General Manager of CNOOC China Limited Tianjian Branch. Mr. Yuan also serves as the Director of CNOOC China Limited and CNOOC International Limited, both subsidiaries of the Company. Mr. Yuan has been appointed as an Executive Director and President of the Company with effect from 15 June 2016.
Mr. Chen Wei
Please refer to the Company's 2015 annual report for Mr. Chen's biographical details.
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. 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. Ada Leung
Hill+Knowlton Strategies Asia
Tel: +852-2894-6225
Fax: +852-2576-1990
Email: ada.leung@hkstrategies.com
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
SOURCE CNOOC Limited
Article Date
6/15/2016CNOOC Limited Announces Key Operational Statistics for Q1 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, April 28, 2016 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the first quarter of 2016.
The Company achieved total net production of 124.3 million barrels of oil equivalent ("BOE") for the first quarter of 2016, representing an increase of 5.1% year over year ("YoY"), mainly attributable to the production contribution from new projects in offshore China that commenced production during 2015.
For the first quarter of 2016, the Company made 3 new discoveries and drilled 4 successful appraisal wells offshore China, among which we successfully appraised Caofeidian 12-6 oil and gas structure. The Company also drilled three successful appraisal wells overseas.
For the projects planned to commence production this year, Kenli 10-4 oilfield and Panyu 11-5 oilfield have commenced production, and the other projects progressed smoothly.
During the period, the unaudited oil and gas sales revenue of the Company reached approximately RMB24.64 billion, representing a decrease of 30.7% YoY, mainly due to the sharp decrease in international oil prices. The Company's average realized oil price decreased 39.1% YoY to US$32.54 per barrel while the average realized gas price was US$5.69 per thousand cubic feet, down 14.8% YoY.
For the first quarter of 2016, the Company's capital expenditure reached approximately RMB9.69 billion, representing a decrease of 39.2% YoY, mainly because the Company further decreased capex budget for the whole year to reflect low oil price environment.
Mr. Li Fanrong, CEO of the Company commented, "Despite the changing industry environment and the challenges resulting from low oil prices, the Company achieved stable results for production and operation in the first quarter. Going forward, we will continue with our operating strategies under the low oil price environment, intensify reform and innovation, and reinforce the sustainable development of the Company."
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. 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. Samantha Wang
Hill+Knowlton Strategies Asia
Tel: +852-2894-6266
Fax: +852-2576-1990
E-mail: samantha.wang@hkstrategies.com
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
SOURCE CNOOC Limited
Article Date
4/28/2016CNOOC Limited Filed 2015 Annual Report on Form 20-F
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, April 21, 2016 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today it has filed with the United States Securities and Exchange Commission ("SEC") its 2015 annual report on Form 20-F ("annual report") that included audited financial statements for the year ended December 31, 2015.
The annual report is available on the Company's website at www.cnoocltd.com as well as SEC′s website at www.sec.gov.
CNOOC Limited will also provide a hard copy of its 2015 annual report on Form 20-F to shareholders free of charge, including its complete audited financial statements. To request a hard copy of the annual report, please contact:
Ms. Starry Ding
IR Manager of Investor Relations Department
CNOOC Limited
Tel: +86-10-8452-2973
Fax: +86-10-8452-1441
E-mail: IR@cnooc.com.cn
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. 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. Samantha Wang
Hill+Knowlton Strategies Asia
Tel: +852-2894-6266
Fax:+852-2576-1990
E-mail: samantha.wang@hkstrategies.com
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
SOURCE CNOOC Limited
Article Date
4/21/20162/1/2016 - Two New Projects Commence Production
Two New Projects Commence Production
Source: PR Newswire
HONG KONG, Feb. 1, 2016 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that the Weizhou 12-2 oilfield joint development project (Weizhou 12-2) and Weizhou 11-4 North oilfield Phase II project (Weizhou 11-4 North) have recently commenced production.
The Weizhou 12-2 project is located in Beibu Gulf Basin of the South China Sea with an average water depth of approximately 36 meters. This project has three oilfields in total including the Weizhou 12-2 oilfield, the Weizhou 12-1 West oilfield and the north part of Weizhou 11-2 oilfield. The main production facilities include three wellhead platforms and 18 producing wells which have all commenced production, producing a total of approximately 16,000 barrels of crude oil per day and reaching its ODP designed peak production.
Weizhou 11-4 North project is located in Beibu Gulf Basin of the South China Sea with an average water depth of approximately 40 meters. The project shares the existing adjacent facilities for the development and built two wellhead platforms and 15 producing wells. There is currently one well on production, producing a total of approximately 500 barrels of crude oil per day. The project is expected to reach its ODP designed peak production of approximately 8,000 barrels per day within the year.
The Weizhou 12-2 and Weizhou 11-4 North are both independent oilfields in which the Company holds 100% interest and acts as the operator.
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 2014 Annual Report on Form 20-F filed on 22 April 2015.
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
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
SOURCE CNOOC Limited
Article Date
2/1/20161/27/2016 - Kenli 10-4 Oilfield Commences Production
Kenli 10-4 Oilfield Commences Production
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HONG KONG, Jan. 27, 2016 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced that the Kenli 10-4 oilfield has commenced production.
The Kenli 10-4 oilfield is located in the South of Bohai with an average water depth of approximately 15 meters. In addition to fully utilizing the existing facilities of Kenli 10-1 oilfield, the Kenli 10-4 oilfield also included the development of one wellhead platform. There are currently 6 wells on production, producing a total of approximately 6,540 barrels of crude oil per day. The oilfield is expected to reach its ODP designed peak production of approximately 9,600 barrels of crude oil per day in 2016.
The Kenli 10-4 is an independent oilfield in which the Company holds 100% interest and acts as the operator.
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 2014 Annual Report on Form 20-F filed on 22 April 2015.
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
Logo - http://photos.prnasia.com/prnh/20150819/8521505396LOGO
SOURCE CNOOC Limited
Article Date
1/27/2016Projects & Assets
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Status: (subscriber access)
JACOS Hangingstone Expansion Phase 1 (subscriber access)
Status: (subscriber access)
Pioneiro de Libra FPSO (subscriber access)
Status: (subscriber access)
Ningbo LNG Terminal Expansion - Phase II (subscriber access)
Status: (subscriber access)
East African Crude Oil Pipeline (EACOP) (subscriber access)
Status: (subscriber access)
Lake Albert Oil Project (subscriber access)
Status: (subscriber access)
Binhai LNG Import Terminal (subscriber access)
Status: (subscriber access)
Binhai LNG Import Terminal Storage Expansion (subscriber access)
Status: (subscriber access)
CNOOC LNG Six Large Tank Project (subscriber access)
Whiptail FPSO (subscriber access)
Status: (subscriber access)
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