Industry News

On April 22, CNOOC Limited announced its key operational statistics for the first quarter of 2014.

In the first quarter, the cmpany achieved a total net production of 108.1 million barrels of oil equivalent ("BOE"), representing 15.5% increase year over year ("YoY").

The company made five new discoveries and eight successful appraisal wells in offshore China. New discovery of Bozhong 22-1 demonstrated great exploration potential of natural gas in Bohai buried hill at deeper zone; another discovery of Lingshui 17-2 marked a breakthrough of the company's independent deepwater exploration. After further successful appraisals, Bozhong 8-4 and Wushi 17-2 were proved to be mid-sized oil and gas structures. During the period, the new projects planned to commence production all made smooth progress.

In the first quarter, the unaudited oil and gas sales revenue of the company reached approximately RMB59.15 billion, representing an increase of 6.9% YoY, mainly due to the increase of oil and gas production. During the period, the company's average realized gas price was US$6.33 per thousand cubic feet, representing an increase of 9.3% YoY while the company's average realized oil price was US$104.63 per barrel.

During the period, the company's capital expenditures for exploration, development and production amounted to RMB19.31 billion.

Mr. Li Fanrong, CEO of the company commented, "In the first quarter, the company made significant progress in exploration, particularly the new discoveries and successful appraisals will lay a solid foundation for the company's sustainable development."

On May 12, CNOOC Limited announced that its Kenli 3-2 oilfields have commenced production.

The Kenli 3-2 oilfields, located in the southern Bohai Sea, consists of Kenli 3-2, Bozhong 34-6/7, southern part of Bozhong 29-4 and Bozhong 35-2 oilfields. The average water depth is approximately 20 meters. The primary production facilities include 7 offshore platforms and 1 onshore oil processing terminal. The peak production of the oilfields is estimated around 35,000 barrels per day.

The company holds 100% interest of the oilfields.

On April 8th, the "Ocean Consciousness Survey among Chinese Youths" jointly sponsored by the Promotion and Education Center of the State Oceanic Administration, the Youth League Committee of CNOOC and China Youth Daily was officially launched. 

The survey, consisting of 50 questions, covers a variety of topics including China's territorial islands, seawater pollution, oceanic resources, and ocean related laws and conventions. The survey's target readership is high-school, college and university students, as well as people in their 20's.

An editorial was published at the front page of China Youth Daily, calling on the young to put more attention to the ocean issues. 

In 1998, China Youth Daily and China Offshore Oil Press jointly held a "Blue Land Knowledge Survey among Chinese Youths", which received enthusiastic responses from tens of thousands of young people across China.