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CNOOC Ltd. Announces Its Remarkable Q3 Results

Source: 10/29/2009, Location: Asia

CNOOC Limited announced that the Company achieved a total net daily production of 647,382 barrels of oil equivalent (“BOE”) for the third quarter of 2009, representing a strong increase of 18.4% YOY.

The total unaudited revenue of the Company was approximately RMB 23.76 billion for the third quarter of 2009, a decrease of 23.1% YOY. Within the period the Company’s realized crude oil price was US$ 67.83 per barrel, representing a decrease of 36.6% YOY, but a significant increase of 37.4% comparing with that of first half of 2009. The Company's realized gas price rose 2.8% to US$3.93 per thousand cubic feet.

In the third quarter of 2009, the Company’s net production offshore China increased by 9.7% YOY to 524,412 BOE per day. The Company’s net production overseas reached 122,970 BOE per day, representing a strong increase of 78.9% YOY. The above mentioned production growth is mainly attributable to the newly commenced projects in 2008 and 2009 including Penglai 19-3 phase II, Wenchang oilfields, Panyu 30-1, Bozhong 28-2S and OML130. In the third quarter of 2009, one of our major projects, Ledong 22-1/15-1 has started production as scheduled. In the meanwhile the Company’s major development projects progressed on track.

On the exploration side, the Company made three new discoveries, all located in offshore China, two of which are independent discoveries, namely Dongfang 1-1 middle-formation and Panyu 10-4, and one PSC discovery, namely Lufeng 7-1. Major successful appraisals came from multiple discoveries from first half of this year, namely Jinzhou 20-2N and Shijiutuo Uplift area, with the latter becoming the Company’s new reserve growth area.

For the period, the Company’s capital expenditure program was well executed. The Company's total capital expenditure in the third quarter increased by 10.3% YOY to approximately RMB 11.24 billion.

Mr. Fu Chengyu, Chairman and CEO of the Company commented,”in the third quarter, the international oil price has risen gradually, the Company also has achieved another remarkable growth in production. Within the period, although we have been under attack by typhoon, which would affect the production of Huizhou oilfields to some extent, we are still confident that we can meet our production target set at the beginning of the year.”

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