CNOOC: Oil production increases by 15 pct in 1Q

China National Offshore Oil Corporation Limited (CNOOC), a major national oil company in China, today announced its key operational statistics for the first quarter of 2014.

lvda 10-1

In the first quarter, the Company achieved a total net production of 108.1 million barrels of oil equivalent (“BOE”), representing a 15.5% increase year over year (YoY).

The Company made five new discoveries and eight successful appraisal wells in offshore China. New discovery of Bozhong 22-1 demonstrated great exploration potential of natural gas in Bohai buried hill at deeper zone; another discovery of Lingshui 17-2 marked a breakthrough of the Company’s independent deepwater exploration. After further successful appraisals, Bozhong 8-4 and Wushi 17-2 were proved to be mid-sized oil and gas structures. During the period, the new projects planned to commence production all made smooth process.

In the first quarter, the unaudited oil and gas sales revenue of the Company reached approximately RMB 59.15 billion, representing an increase of 6.9% YoY, mainly due to the increase of oil and gas production. During the period, the Company’s average realized gas price was USD 6.33 per thousand cubic feet, representing an increase of 9.3% YoY while the Company’s average realized oil price was USD 104.63 per barrel.

During the period, the Company’s capital expenditures for exploration, development and production amounted to RMB 19.31 billion.

Li Fanrong, CEO of the Company commented, “In the first quarter, the Company made significant progress in exploration, particularly the new discoveries and successful appraisals will lay a solid foundation for the Company’s sustainable development.”

Press Release, April 22, 2014

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