CNOOC Limited announces key operational statistics for Q3 2017

By Oke Peter

CNOOC Limited has announced its key operational statistics for the third quarter of 2017.

In a statement made available to newsmen on Wednesday by the company, for the third quarter of the year, the Company has achieved a total net production of 116.2 million barrels of oil equivalent ("BOE"), representing a decrease of 1.3% year over year ("YoY"). Production from offshore China decreased 2.4% YoY to 73.8 million BOE, mainly due to production decline of producing fields. Overseas production increased 0.7% YoY to 42.4 million BOE.

During the period, the Company made five new discoveries and drilled nine successful appraisal wells. Successful appraisal of Wushi 16-1W is expected to promote the development of Wushi oilfield Phase II and build it into a mid-to-large size oilfield. In overseas, new progress of exploration in Stabroek block has been made, including the successful appraisal well Payara-2 and the new discovery well Turbot-1.

To date, four out of five new projects planned for this year have commenced production. Weizhou 12-2 oil field Phase II is under installation and commissioning and expected to commence production within the year .

For the third quarter of the year, the unaudited oil and gas sales revenue of the Company reached approximately RMB 35.94 billion, representing an increase of 16.9% YoY, mainly due to the increase of average realized oil and gas prices. During the period, the Company's average realized oil price increased 20.4% YoY to US$50.87 per barrel, which mainly due to the increased international oil prices.

The Company's average realized gas price wasUS$6.05 per thousand cubic feet, representing an increase of 15.9% YoY, mainly due to the increasing percentage of sale volume of high-price in project offshore China and the rise of benchmark gas prices overseas.

For the third quarter of the year, the Company's capital expenditure reached approximately RMB 11.78 billion, almost flat from the same period of last year.

The Chief Executive Officer (CEO) of the Company, Mr. Yuan Guangyu said: "During the third quarter of the year, the Company made every effort to fully tap potential, constantly push forward quality and efficiency enhancement. Meanwhile, we are confident that we will achieve our production and operation targets for the year and continuously create greater value for the shareholders. "


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