CNOOC Posts 2013 Results

CNOOC Limited announced its annual results for the year ended December 31, 2013.

In 2013, the company continued to increase its investment in exploration. Benefitting from the company’s cognitive innovation and technological advancement, 18 new discoveries were made and 20 oil and gas structures were successfully appraised by the company. As at the end of 2013, the company owned net proved reserves of approximately 4.43 billion barrels of oil equivalent. The reserve replacement ratio of the year amounted to 327%.

In 2013, the company exceeded its production target set at the beginning of the year. The net oil and gas production reached 411.7 million BOE, representing a 20.2% increase year-over-year, with 60.8 million BOE contributed by Nexen. During the year, a total of 7 new projects commenced production in succession, and Liuhua 19-5 has also come online in early 2014.

In 2013, the company’s average realized oil price was US$104.60 per barrel, representing a decrease of 5.3% yoy, and the company’s average realized gas price was US$5.78 per thousand cubic feet, representing an increase of 0.2% yoy. In addition, the company’s oil and gas sales revenue reached RMB226.45 billion, representing an increase of 16.3% yoy, and net profit amounted to RMB56.46 billion.

During the period, the company’s all-in cost was US$45.02 per BOE, representing an increase of 26.0% yoy, mainly attributable to the relatively high cost of Nexen’s assets and the new projects.

Including RMB15.67 billion of Nexen’s spending, the company’s capital expenditures reached RMB92.43 billion in 2013.

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