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CNOOC Limited Maintains Strong Profitability And Achieves Good Exploration Performance In 1H2012

Stocks in this article: CEO

HONG KONG, Aug. 21, 2012 /PRNewswire-Asia/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) today announced its interim results ended June 30, 2012.

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For the first half of the year, the Company's average realized oil price reached US$116.91 per barrel, representing an increase of 8.1% year-over-year (YoY), and the average realized natural gas price reached US$5.90 per thousand cubic feet, representing an increase of 20.0% YoY.

During the period, the Company's net oil and gas production reached 160.9 million BOE, a decrease of 4.6% YoY primarily caused by the shutdown of production of the Penglai 19-3 oilfield, the scheduled maintenance, and the disposal of the ONWJ block in Indonesia. By bringing the scheduled new projects on stream, ensuring the good performance of the facilities and equipments, and optimizing the technologies used for production enhancement, we are confident to accomplish our annual production target of 330-340 million BOE set by early this year.

Benefited from the rising average realized oil and gas prices, the oil and gas sales of the Company reached RMB95.66 billion and the net profit amounted to RMB31.87 billion, maintaining its strong profitability in the industry. Attributed to the rising industry costs and structural change of the Company's asset portfolio, our all-in cost for the first half of the year was US$34.60 per barrel, representing an increase of 13.1% compared to that of year 2011.

The Company has achieved encouraging results in the exploration sector. In addition to 10 successful discoveries and 18 appraisal wells made in the first half, the Company also made significant progress in various fronts. A series of successful appraisal wells proved Penglai 9-1 would become the biggest oil and gas structure discovered in Bohai area in recent years. The successful appraisal of Qinhuangdao 29-2 East structure expanded the original Qinhuangdao 29-2 structure as well as its reserve scale. In this period, the company has also made mid-to-large sized discoveries including Kenli 2-1, Luda 21-2 and Luda 6-2. In addition, natural gas discovery was made in the Liuhua 29-2 structure in deepwater of South China Sea, demonstrating a great exploration potential for the area.

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