This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

2013: A Year With More Startups And Full Construction Schedule

HONG KONG, Jan. 30, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) today announced a summary of the Company's business strategy and development plan for the year 2013.

(Logo: )

The Company's net production target of 2013 is in the range of 338 to 348 million barrels of oil equivalent (BOE), while the net production for 2012 is estimated to be 341 to 343 million BOE.

During the year, ten new oil and gas fields in offshore China are expected to come on stream, among which the Liwan 3-1 gas field will become the first large-sized deepwater gas field in offshore China. In addition, the startup of Suizhong 36-1 phase II adjustment will make another successful story of the comprehensive adjustment on producing fields, demonstrating the huge potential of the Company's producing fields in offshore China. The Company will embrace the construction peak in 2013, with 24 new projects under construction.

In 2013, the Company will drill around 140 exploration wells, acquire approximately 15,400 kilometers 2-Dimensional (2D) and 24,800 square kilometers 3-Dimensional (3D) seismic data, and continue to enhance the deepwater exploration activities. In addition, a reserve replacement ratio (RRR) of over 100% will be maintained in 2013.

During the year, in order to strengthen our exploration and development business and support a sustainable growth, the Company's total capital expenditure is expected to reach US$12 to 14 billion, among which the capital expenditures for exploration, development and production account for around 19%, 70%, and 11% respectively.

Mr. Zhong Hua, CFO of the Company commented, "While the operating cost for the energy sector keeps rising up, the Company will continue to execute stringent cost control and prudent financial policy. Meanwhile, we will maintain a robust capital expenditure plan to support our production and reserve growth in the future."

"We are confident to achieve 6% to 10% CAGR on production growth from 2011 to 2015. In 2013, the Company will continue to strengthen our exploration, development and construction activities to further facilitate the Company's growth in the future," said Mr. Li Fanrong, CEO of the Company.

Notes to Editors:

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,050.75 +138.46 0.82%
S&P 500 2,013.43 +15.91 0.80%
NASDAQ 4,810.7880 +19.6360 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs