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CNOOC Limited Announces Key Operational Statistics for Q1 2016

Source: www.gulfoilandgas.com 4/28/2016, Location: Asia

CNOOC Limited 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."

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