Form 6-K CNOOC LTD For: Feb 04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Private Issuer

 

Pursuant to Rule 13a-16 or 15d-16 

of the Securities Exchange Act of 1934

 

For the month of February 2021

Commission File Number 1-14966

 

 

CNOOC Limited

(Translation of registrant’s name into English)

 

65th Floor

Bank of China Tower

One Garden Road

Central, Hong Kong

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x    Form 40-F ¨ 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

 

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes ¨    No x

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable

 

Signature

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

		CNOOC Limited
	By:	/s/ Xiaonan Wu
	Name:	Xiaonan Wu
	Title:	Joint Company Secretary

 

Date: February 4, 2021

 

 

EXHIBIT INDEX

  

Exhibit No.	Description
99.1	Announcement entitled “2021 Business Strategy”
99.2	Press release entitled “CNOOC Limited Announces its 2021 Business Strategy and Development Plan”

 

 

 

Exhibit 99.1

 

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

 

 

(Incorporated in Hong Kong with limited liability under the Companies Ordinance) 

(Stock Code: 00883)

 

 

2021 Business Strategy

 

 

In line with its policy of keeping the market informed of its activities, CNOOC Limited (the “Company”) announces a summary of its business strategy and development plan for the year 2021.

 

The Company’s targeted net production for 2021 is 545 million to 555 million barrels of oil equivalent (BOE)*, of which, production from China and overseas accounts for approximately 68% and 32%, respectively. The Company’s net production for 2020 is expected to be approximately 528 million BOE. The Company’s net production for 2022 and 2023 are estimated to be 590 million to 600 million BOE and 640 million to 650 million BOE, respectively.

 

The Company’s total capital expenditure for 2021 is budgeted at RMB 90 billion to RMB 100 billion. The capital expenditures for exploration, development, production and others will account for approximately 17%, 61%, 20% and 2% of the total capital expenditure, respectively.

 

In 2021, the Company plans to drill 217 exploration wells and acquire approximately 17 thousand square kilometers 3-Dimensional (3D) seismic data.

 

In 2021, 19 new projects are expected to come on stream, mainly including Lingshui 17-2 gas fields development, Lufeng oil fields regional development and Caofeidian 6-4 oil field in offshore China, Buzzard oil field phase II in UK and Mero I oil field in Brazil.

 

In the future, the Company will continue to strengthen its efforts in nature gas exploration and promote further production growth. Meanwhile, the Company will focus on investment returns, maintain its cost competitiveness, optimize the layout of overseas assets, and adhere to the low-carbon development principle.

 

* Including our interest in equity-accounted investees.

 

By Order of the Board

CNOOC Limited

Wu Xiaonan

Joint Company Secretary

 

Hong Kong, 4 February 2021

 

As at the date of this announcement, the Board comprises:	Non-executive Directors Wang Dongjin (Chairman) Li Yong (Vice Chairman) Wen Dongfen
Executive Directors Xu Keqiang Hu Guangjie	Independent Non-executive Directors Chiu Sung Hong Lawrence J. Lau Tse Hau Yin, Aloysius Qiu Zhi Zhong

This announcement includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify such forward-looking statements.

 

These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year. Consequently, all of the forward-looking statements made in this announcement are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

 

 

 

Exhibit 99.2

 

 

中国海洋石油有限公司 

CNOOC LIMITED

 

Press release – For Immediate Release

 

CNOOC Limited Announces its

 

2021 Business Strategy and Development Plan

 

(Hong Kong, February 4, 2021) - CNOOC Limited (the “Company”, SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its business strategy and development plan for the year 2021.

 

In the extremely challenging year of 2020, under the leadership of the Board of Directors, the Company’s management, together with all staff, overcame the huge impact from low oil price and the pandemic of COVID-19. During the period, while strictly implementing pandemic prevention and control measures, the Company invested great efforts in growing its oil and gas reserves and production, further reduced costs and enhanced efficiency, promoted reform and innovation, and ensured the safety in production. Thanks to all these measures, the Company’s net production hit a record high of approximately 528 million barrels of oil equivalent (BOE) in 2020.

 

In 2021, the Company will continue its efforts in strengthening its resources base with targeted net production of 545-555 million BOE, of which, production from China and overseas account for approximately 68% and 32%, respectively. It also plans to drill 217 exploration wells and collect approximately 17 thousand square kilometers 3-Dimensional (3D) seismic data. 19 new projects are expected to come on stream, which mainly include Lingshui 17-2 gas fields development, Lufeng oil fields regional development, Caofeidian 6-4 oil field in offshore China, Buzzard oil field phase II in the UK and Mero I oil field in Brazil.

 

The Company’s total capital expenditure for 2021 is budgeted at RMB90 billion to RMB100 billion. The capital expenditures for exploration, development and

 

production will account for approximately 17%, 61% and 20% of the total capital expenditure, respectively.

 

The Company’s net production for 2022 and 2023 are estimated to be 590-600 million BOE and 640-650 million BOE, respectively.

 

Mr. Xu Keqiang, CEO of the Company, said, “In 2021, under the theme of high-quality development, the Company will be committed to steadily increasing its oil and gas reserves and production, focusing on investment efficiency, maintaining its cost competitiveness, while actively pursuing the concept of green and low-carbon development, to create excellent returns for our shareholders.”

 

—

End —

 

Notes to Editors:

 

More information about the Company is available at http://www.cnoocltd.com

 

*** *** *** ***
This press release includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including but not limited to those associated with fluctuations in crude oil and natural gas prices, macro-political and economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, the exploration and development activities, mergers, acquisitions and divestments activities, environmental responsibility and compliance requirements, foreign operations and cyber system attacks. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.

 

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.

 

*** *** *** ***

 

For further enquiries, please contact:

 

Ms. Jing Liu

Manager, Media & Public Relations

CNOOC Limited

Tel: +86-10-8452-3404

Fax: +86-10-8452-1441

E-mail: [email protected]

 

Bunny Lee

Porda Havas International Finance Communications Group

Tel: +852 3150 6707

Fax: +852 3150 6728

E-mail: [email protected]

 

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