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CNOOC Limited (CEO) reported a robust performance for Q1 2021, achieving 137.7 million barrels of oil equivalent (BOE) in net production, up 4.7% YoY. Production growth from new projects, including Liuhua16-2/20-2 and Lvda16-3/21-2, contributed significantly. The average realized oil price rose 20.5% YoY to US$59.07 per barrel, with sales revenue reaching approximately RMB 48.34 billion, a 21.0% increase. Capital expenditure decreased by 5.1% YoY to RMB 16.04 billion.
CNOOC Limited reported its 2020 annual results, showcasing strong operational performance despite the challenges posed by low oil prices and the COVID-19 pandemic. The company achieved record high reserves of 5,373 million BOE and net production of 528.2 million BOE. It reduced all-in costs to US$26.34 per BOE, the lowest in 10 years, while maintaining solid financial health with RMB139.6 billion in oil and gas sales revenue and a net profit of RMB24.96 billion. The Board recommended a final dividend of HK$0.25 per share, reflecting its commitment to shareholder returns.
CNOOC Limited announced that the Caofeidian 6-4 oilfield has officially commenced production as of March 15, 2021. Located in the Bohai region with an average water depth of 20 meters, the project will utilize existing processing facilities from nearby oilfields and includes a new central platform. A total of 42 development wells are planned, with a peak production expected at 15,000 barrels per day in 2023. The project aims for green and low-carbon production, achieving zero sewage discharge and reducing carbon dioxide emissions by about 40,000 tons annually.
CNOOC Limited announced a significant oil and gas discovery at Bozhong 13-2 in Bohai Bay, with the discovery well BZ13-2-2 drilled to 5,223 meters and revealing oil pay zones totaling approximately 346 meters. The well produced an average of 1,980 barrels of crude oil and 5.25 million cubic feet of natural gas daily. This achievement marks a continuation of the Company’s efforts in offshore exploration, following previous successes in the region. General Manager Zhou Xinhuai highlighted the importance of this find for future prospects in Bohai.
CNOOC Limited (CEO) announced its 2021 business strategy, aiming for a targeted net production of 545-555 million barrels of oil equivalent (BOE), building upon a record high of 528 million BOE in 2020. With a focus on efficiency and low-carbon development, the company plans to drill 217 exploration wells and invest RMB90-100 billion, allocating 17% to exploration and 61% to development. By 2022 and 2023, projected net production is 590-600 million BOE and 640-650 million BOE, respectively. CEO Xu Keqiang emphasized a commitment to high-quality growth and shareholder returns.
CNOOC Limited (NYSE: CEO) announced the early production commencement of the Penglai 25-6 oilfield area 3 project in the Bohai Sea. This project features 58 planned development wells, including 38 production wells and 20 water injection wells. It aims to reach a peak production of around 11,511 barrels of crude oil per day in 2023. CNOOC holds a 51% interest in the project, while ConocoPhillips subsidiaries own the remaining 49%. The company emphasized the significance of this production boost but acknowledged potential risks, including fluctuating oil prices and regulatory changes.
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' for ICM Assurance Ltd (ICMA), with a stable outlook. This rating reflects ICMA's strong balance sheet, adequate operating performance, and neutral business profile. Despite its exposure to high severity loss events due to its insurance of CNOOC’s oil and gas exploration, ICMA benefits from strong liquidity and reinsurance protections. The risk-adjusted capitalization is considered strongest, and the insurance provider has demonstrated adequate operating performance over recent years.
CNOOC Limited announced the commencement of production at the Liuhua 29-1 gas field located in the eastern South China Sea. The field, situated 86 kilometers northeast of the Liwan 3-1 gas field, has a water depth of 640 to 785 meters. A new subsea wellhead has been established, with plans for a total of seven development wells. It is projected to peak at about 62 million cubic feet of natural gas daily in 2022. CNOOC holds a 25% working interest while Husky Oil has the remaining 75%.
CNOOC Limited (NYSE: CEO) reported its operational statistics for Q3 2020, achieving a net production of 131.2 million barrels of oil equivalent (BOE), a 5.1% year-over-year increase. Production from China rose by 10.4% to 88.6 million BOE, while overseas production fell by 4.6% to 42.6 million BOE. The average realized oil price decreased by 29.3% to US$43.03 per barrel, contributing to a 26.8% decline in sales revenue to approximately RMB 35.55 billion. Capital expenditures were reduced by 5.8% to RMB 18.40 billion as part of cost control strategies.
CNOOC Limited announced the commencement of production at the Bozhong 19-6 condensate gas field pilot project, situated in the central Bohai Sea. The project aims to reach peak production of 35.32 million cubic feet of natural gas and 5,720 barrels of condensate oil daily by year-end 2020, with a total of 8 development wells planned. The company holds a 100% working interest and serves as the project operator. Chairman Wang Dongjin emphasized the project's significance for future developments and low-carbon energy supply in the region.