HONG KONG, Oct. 24, 2012 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) is pleased to announce its results for the third quarter of 2012.
The Company achieved a total net production of 87.8 million barrels of oil equivalent (BOE) for the third quarter of the year, primarily attributable to the production contribution from the new projects and new development wells, the continuous improvement of overseas production and the stable performance of producing oil and gas fields. The Company expects the annual production volume to reach 335-345 million BOE primarily due to the strong growth momentum of the fourth quarter.During the period, the Company made eight successful appraisal wells in offshore China. The appraisal confirmed that Kenli 9-1 and Dongfang 13-2 are mid and large-sized discoveries, respectively. Having benefited from the oil and gas production growth, the total unaudited oil and gas sales revenues of the Company reached approximately RMB48.44 billion for the third quarter of 2012, representing an increase of 4.7% year over year (YOY). In this period, the Company's average realized oil price decreased 6.5% YOY to US$104.74 per barrel while the Company's average realized gas price increased 12.5% YOY to US$5.83 per thousand cubic feet. In this quarter, the Company's capital expenditure was approximately RMB15.0 billion, representing an increase of 46.7% YOY, primarily due to the busy development projects and extensive exploration activities. Mr. Li Fanrong, CEO of the Company commented, "I am very pleased to witness that our company has achieved net production growth in the third quarter. In exploration area, we drilled 8 successful appraisal wells to further enhance the reserve and production growth in the future. In view of the above achievements, we are fully confident to accomplish the annual key operating statistics of the Company." Notes to Editors:
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV