Nexen Acquisition Boosts CNOOC’s 3Q Production

China’s CNOOC Limited has announced that during the 3rd quarter 2013, the Company’s total net production rose 17.8% year over year (YOY) to 103.4 million barrels of oil equivalent (BOE) in which Nexen contributed 16.1 million BOE. If excluding Nexen’s contribution, the net production for the third quarter of 2013 is basically flat YOY.

The Company made 5 new discoveries and 15 successful appraisal wells in total for the third quarter. In offshore China, the company made 2 new discoveries and 10 successful appraisal wells, among which Luda 5-2 North is a mid-sized new discovery and Kenli 9-5/9-6 was proved to be a mid-sized oil and gas structure. In the meantime, the Company made 3 new discoveries and 5 successful appraisal wells in overseas.

On September 18, 2013, CNOOC Limited was listed at the Toronto Stock Exchange (TSX), representing the Company’s consistent commitment to transparency and good corporate governance.

Related: CNOOC Buys Canada’s Nexen for $15.1 Bln

Greatly benefited from the growth in production volume, the unaudited oil and gas sales revenue of the Company reached approximately RMB56.14 billion, representing an increase of 15.9% YOY. The Company’s average realized oil price increased 1.5% YOY to US$106.26 per barrel while the Company’s average realized gas price went down 6.9% YOY to US$5.43 per thousand cubic feet.

Taking out of Nexen’s impact, the Company’s capital expenditure reached approximately RMB17.7 billion during the third quarter, representing an increase of 18.2% YOY, mainly attributed to the increase of the development projects. For the third quarter of 2013, Nexen’s capital expenditure was approximately RMB4.7 billion.

Li Fanrong, Chief Executive Officer of the Company commented, “I am glad to see that the Company made significant progress in exploration for the third quarter, particularly the new discovery Luda 5-2 North and successful appraisal Kenli 9-5/9-6 have further enlarged the reserve scale of Bohai and facilitated our sustainable development in the future.”

Press Release, October 24, 2013

 

 

Share this article

Follow Offshore Energy Today

Events>

<< Apr 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 1 2 3 4 5

GeoConvention 2019

GeoConvention offers some of the best local and international insights to efficient energy exploration…

read more >

16th MOSCOW INTERNATIONAL OIL AND GAS EXHIBITION

The Moscow International Oil & Gas Exhibition display products like oil and gas products, oil and gas services…

read more >

Erbil International Oil & Gas Exhibition 2019

The event will be held at the Erbil International Fair Ground which is one of the largest energy related events in Iraq…

read more >

THE 24 th IRAN INTERNATIONAL OIL , GAS , REFINING & PETROCHEMICAL EXHIBITION

The second largest OPEC producer, Iran sits atop 11 percent of oil and 18 percent of gas…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply