Disclaimer

This presentation includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company's expectations, including those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, whether the transactions entered into by the Group can complete on schedule pursuant to the terms and timetable or at all, the highly competitive nature of the oil and natural gas industries, the foreign operations, environmental liabilities and compliance requirements, and economic and political conditions in the People's Republic of China. For a description of these risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.

Consequently, all of the forward-looking statements made in this presentation are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realized or, even if substantially realized, that they will have the expected effect on the Company, its business or operations.

Overview

Operation HighlightsFinancial Results

Net production of 113.8 million boe in Q3 and 351.9

million boe for the first three quarters

4 new discoveries and 14 successful appraisal wells

Penglai 19-3 oilfield 1/3/8/9 comprehensive adjustment project came on stream in Q3, and other new projects progressed smoothly

Oil and gas sales revenues of RMB47.93 billion, up

33.4% YoY

Capex of RMB15.27 billion, up 29.6% YoY

Realized oil price of US$71.55/bbl, up 40.7% YoY

Realized gas price of US$6.26/mcf, up 3.4% YoY

Production Summary

2018Q3

2017Q3

Crude and

Liquids

Natural Gas

Total

Crude and

Liquids

Natural Gas

Total

(mm bbls)

(bcf)

(mm boe)

(mm bbls)

(bcf)

(mm boe)

China

Bohai

39.1

14.3

41.5

39.6

13.1

41.8

Western South China Sea

9.3

24.1

13.4

9.0

24.6

13.1

Eastern South China Sea

12.5

30.6

17.6

13.7

23.1

17.6

East China Sea

0.3

4.8

1.1

0.4

5.2

1.3

Subtotal*

61.3

73.7

73.7

62.7

66.1

73.8

Overseas

Asia (Ex. China)

4.4

14.8

7.0

5.1

13.4

7.5

Oceania

0.4

11.3

2.6

0.5

10.6

2.6

Africa

6.0

-

6.0

6.6

-

6.6

North America (Ex. Canada)

4.9

11.5

6.9

3.9

12.0

6.0

Canada

5.5

3.3

6.1

5.8

2.0

6.1

South America

2.6

16.0

5.4

2.0

13.2

4.3

Europe

6.0

1.2

6.1

9.0

2.3

9.4

Subtotal

29.9

58.0

40.1

32.9

53.6

42.4

Total**

91.1

131.7

113.8

95.6

119.8

116.2

*Including other production from onshore China, which is approximately 0.03 mm boe in Q3 2018.

**Including our interest in equity-accounted investees, which is approximately 5.4 mm boe in 2018 Q3 and 4.3 mm boe in 2017 Q3.

In 2018 Q3, production percentage of China and overseas was 65% v.s. 35%; Crude liquids and natural gas was 80% v.s. 20%.

Production Summary（Continued）

2018 YTD

2017 YTD

Crude and

Liquids

Natural

Gas

Total

Crude and

Liquids

Natural Gas

Total

(mm bbls)

(bcf)

(mm boe)

(mm bbls)

(bcf)

(mm boe)

China

Bohai

117.7

44.5

125.1

120.0

39.8

126.7

Western South China Sea

29.2

70.8

41.2

27.3

74.9

40.0

Eastern South China Sea

41.8

89.3

56.6

48.1

64.8

58.9

East China Sea

1.1

15.0

3.6

1.2

16.7

4.0

Subtotal

189.7

219.6

226.6

196.7

196.1

229.6

Overseas

Asia (Ex. China)

16.4

43.7

24.3

14.6

38.5

21.6

Oceania

1.1

28.5

6.7

0.9

24.7

5.8

Africa

17.9

-

17.9

20.8

-

20.8

North America (Ex. Canada)

14.2

34.7

19.9

12.3

34.9

18.2

Canada

16.8

9.8

18.5

14.8

9.9

16.4

South America

7.7

46.8

15.8

6.0

38.6

12.6

Europe

21.3

5.1

22.1

27.8

8.4

29.2

Subtotal

95.5

168.6

125.3

97.2

155.0

124.5

Total

285.2

388.3

351.9

293.8

351.1

354.1

For the first three quarters, our net production was 351.9 million boe, in line with annual production target.

Attachments

  • Original document
  • Permalink

Disclaimer

CNOOC Limited published this content on 25 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 October 2018 08:52:03 UTC