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
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

CNOOC Limited Announces Key Operational Statistics For The First Quarter Of 2013









HONG KONG, April 26, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) is pleased to announce its key operational statistics for the first quarter of 2013.

(Logo: http://www.prnasia.com/sa/200701301659.jpg )

During the quarter, the Company achieved a total net production of 93.6 million barrels of oil equivalent (BOE), representing 17.3% increase year over year (YoY), primarily attributable to the production contribution from the acquisition of Nexen Inc ("Nexen") , the new oil and gas projects on stream, the resumption of Penglai 19-3 oil field and the overseas projects.

For the first quarter, the Company made four new discoveries and six successful appraisal wells in offshore China. The appraisal confirmed that Penglai 15-2 was a mid to large sized crude oil discovery. In the perspective of overseas development, the Company successfully completed the acquisition of Nexen.

Greatly benefited from the growth in production volume, the unaudited oil and gas sales revenue of the Company reached approximately RMB55.31 billion during the period, representing an increase of 13.3% YoY. In the first quarter, the Company's average realized oil price decreased 8.7% YoY to US$110.29 per barrel. The Company's average realized gas price went down 1.5% YoY to US$5.79 per thousand cubic feet, primarily due to the relatively lower realized gas price of Nexen.

During the period, the Company's capital expenditure for exploration, development and production reached approximately RMB14.80 billion, representing an increase of 53.5% YoY.

Mr. Li Fanrong, Chief Executive Officer of the Company commented, "I am very glad to see that the Company had made significant progress in exploration and production for the first quarter, particularly the successful appraisals in Bohai has further strengthened our sustainable development in the future."

Notes to Editors:



Stock quotes in this article: CEO 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs