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CNOOC Limited Announces Key Operational Statistics for the Third Quarter of 2018

Source: www.gulfoilandgas.com 10/25/2018, Location: Asia

CNOOC Limited (CNU) 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.”

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