omniture

CNOOC Ltd. Production Increased Steadily in Q1

CNOOC Limited
2007-04-26 16:37 1013

HONG KONG, April 26 /Xinhua-PRNewswire-FirstCall/ -- CNOOC Limited (the "Company" or "CNOOC Ltd."; NYSE: CEO; SEHK: 883) announced today its total net production of 473,280 BOE per day in the first quarter, an increase of 5.1% YOY. In the period, the Company's unaudited revenue was RMB 14,851 million.

For the first quarter of 2007, the Company produced 378,734 barrels per day of crude oil and liquids, which were more or less the same as those in the first quarter of last year. Due to strong growth of gas production, the total net production continued to increase steadily, achieving a YOY increase of 5.1%. In the period, net gas production increased by 41.1% YOY to 550 million cubic feet per day, which was mainly attributable to the production from North West Shelf Project (NWS Project) in Australia and Southeast Sumatra (SES) Gas Project in Indonesia.

In the first quarter, the Company's overseas oil and gas productions rose substantially by 32.4 % to 25,318 barrels and 82.4% to 177 million cubic feet respectively.

Affected by downward fluctuation of oil price, the Company's total unaudited revenue decreased by 10.9 % YOY to RMB 14,851 million for the first quarter of 2007. Our average realized oil and gas price were US$52.45 per barrel and US$3.19 per thousand cubic feet respectively.

In the period, the Company's capital expenditure increased 70.3% to RMB 6,333.6 million, as a result of intensive exploration and development activities.

The Company and its partners made two new discoveries offshore China, BZ 28-2 E and KL 20-1, and completed two appraisals successfully. In addition, we also acquired 4,721 kilometers of 2D and 1,013 square kilometers of 3D seismic during the first quarter of 2007.

Mr. Fu Chengyu, Chairman and Chief Executive Officer of the Company commented, " In the period, the Company's production increases steadily and all our operations proceed on schedule. Significant growth was achieved in overseas oil and gas production. Moreover, I am pleased to see a strong growth in our gas production in Q1, which marks the company's improved capability in producing and supplying clean energy."

Notes to Editors:

More information about the Company is available at http://www.cnoocltd.com .

This press release contains statements that are not historical facts, including statements about beliefs and expectations of the directors of the Company on the Company and its development and future plans. These forward-looking statements reflect the directors' current views with respect to future events and are not a guarantee of future performance, and therefore shareholders and potential investors should not place undue reliance on them. The directors of the Company undertake no obligation to update or revise publicly any of these forward-looking statements, whether in light of new information, future events or otherwise. Forward-looking statements involve inherent risks and uncertainties. Shareholders and potential investors are cautioned that a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Such factors include, but are not limited to, changes in the Chinese economic, political and social conditions and government policies and in the oil and gas industry.

For further enquiries, please contact:

Mr. Xiao Zongwei

General Manager of Investor Relations

CNOOC Limited

Tel: +86-10-8452-1646

Fax: +86-10-8452-1441

Email: xiaozw@cnooc.com.cn

Ms. Carol Wong

Account Manager

Ketchum Hong Kong

Tel: +852-3141-8098

Fax: +852-2510-8199

Email: carol.wong@knprhk.com

Source: CNOOC Limited
Keywords: Oil/Energy
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