On April 22, CNOOC Limited announced its key operational statistics for the first quarter of 2014. In the first quarter, the company achieved a total net production of 108.1 million barrels of oil equivalent ("BOE"), representing 15.5% increase year over year ("YoY"), the company said in its press release.
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."