CNOOC exploration progressing significantly

CNOOC Limited reported on its key operational statistics for the third quarter of 2014.

During the period, the company and its partner Shell made a large-sized deepwater gas discovery Leopard offshore Gabon. In the third quarter, Enping 24-2 commenced production while other projects are progressing on schedule.

In the third quarter, the unaudited oil and gas sales revenue of the company reached approximately RMB53.57 billion, down 4.6% YoY. The company’s average realized natural gas price was US$6.61 per thousand cubic feet, an increase of 21.7% YoY, mainly due to the company implementing a price increase on part of the user base in China and the price increase of overseas natural gas.

During the period, the company’s capital expenditures reached approximately RMB26.33 billion, up 19.6%, mainly due to the increase in the number of development projects and higher exploration costs on overseas deepwater projects.

Li Fanrong, CEO of the Company commented, “In the third quarter, the company made significant exploration progress and we are confident of meeting our annual major operational goals.”

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Press Release; Image: CNOOC