CNOOC Ltd. (CEO) Reports 6.3% Increase in Q1 Production; Updates on Ops, Discoveries
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The board of directors of CNOOC Limited (NYSE: CEO) hereby announces certain selected unaudited key operational statistics of the Company and its subsidiaries for the first quarter of 2012 (ended 31 March 2012). The comparative statistics for the first quarter of 2011 (ended 31 March 2011) are also disclosed in this announcement.
The Company achieved a total net production of 79.8 million barrels of oil equivalent (BOE) for the first quarter of 2012, representing a decrease of 6.3% year over year (YoY), mainly due to the shutdown of production of Penglai 19-3 oilfield, a production sharing contract oilfield in Bohai.
For the first quarter of 2012, the Company made five new discoveries and five successful appraisal wells offshore China, among which, in Bohai, the Company made a mid-to-large crude oil new discovery of Kenli 2-1 and successfully appraised the large discovery of Penglai 9-1 made in 2010; in Western South China Sea, the Company made a new discovery of Dongfang 13-2 in high-temperature and high-pressure natural gas reservoir in Yinggehai. The Company’s major projects were progressing as planned. In the aspect of overseas development, the Company completed the acquisition of one-third interests in each of Exploration Areas 1, 2 and 3A in Uganda from Tullow Oil plc.
The unaudited oil and gas sales revenue of the Company reached approximately RMB48.84 billion for the first quarter of 2012, representing an increase of 3.7% YoY. During the period, the Company’s average realized oil price increased 19.4% YoY to US$120.79 per barrel. The Company’s average realized gas price was US$5.88 per thousand cubic feet, representing an increase of 19.8% YoY.
For the first quarter of 2012, the Company further enhanced exploration and development activities and the capital expenditure for exploration, development and production reached approximately RMB9.64 billion, representing an increase of 58.2% YoY.
The Company achieved a total net production of 79.8 million barrels of oil equivalent (BOE) for the first quarter of 2012, representing a decrease of 6.3% year over year (YoY), mainly due to the shutdown of production of Penglai 19-3 oilfield, a production sharing contract oilfield in Bohai.
For the first quarter of 2012, the Company made five new discoveries and five successful appraisal wells offshore China, among which, in Bohai, the Company made a mid-to-large crude oil new discovery of Kenli 2-1 and successfully appraised the large discovery of Penglai 9-1 made in 2010; in Western South China Sea, the Company made a new discovery of Dongfang 13-2 in high-temperature and high-pressure natural gas reservoir in Yinggehai. The Company’s major projects were progressing as planned. In the aspect of overseas development, the Company completed the acquisition of one-third interests in each of Exploration Areas 1, 2 and 3A in Uganda from Tullow Oil plc.
The unaudited oil and gas sales revenue of the Company reached approximately RMB48.84 billion for the first quarter of 2012, representing an increase of 3.7% YoY. During the period, the Company’s average realized oil price increased 19.4% YoY to US$120.79 per barrel. The Company’s average realized gas price was US$5.88 per thousand cubic feet, representing an increase of 19.8% YoY.
For the first quarter of 2012, the Company further enhanced exploration and development activities and the capital expenditure for exploration, development and production reached approximately RMB9.64 billion, representing an increase of 58.2% YoY.
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