Cnooc Q3 Total Net Production Rises - Quick Facts

(RTTNews) - Cnooc Ltd. (CEO, CNU.TO) reported that its third-quarter of 2013 total net production rose 17.8% year-over-year to 103.4 million barrels of oil equivalent or BOE in which Nexen contributed 16.1 million BOE. If excluding Nexen's contribution, the net production for the third quarter of 2013 was basically flat year-over-year.

The Company made 5 new discoveries and 15 successful appraisal wells in total for the third quarter. In offshore China, we made 2 new discoveries and 10 successful appraisal wells, among which Luda 5-2 North is a mid-sized new discovery and Kenli 9-5/9-6 was proved to be a mid-sized oil and gas structure. In the meantime, the Company made 3 new discoveries and 5 successful appraisal wells in overseas.

Oil and gas sales revenue for the quarter reached about RMB 56.14 billion, 15.9% higher than the previous year.

The Company's average realized oil price increased 1.5% year-over-year to $106.26 per barrel while the Company's average realized gas price went down 6.9% year-over-year to $5.43 per thousand cubic feet.

Taking out of Nexen's impact, the company's capital expenditure reached about RMB17.7 billion during the third quarter, representing an increase of 18.2% year-over-year , mainly attributed to the increase of the development projects. For the third quarter of 2013, Nexen's capital expenditure was approximately RMB4.7 billion.

Li Fanrong, Chief Executive Officer of the Company said, "I am glad to see that the Company made significant progress in exploration for the third quarter,particularly the new discovery Luda 5-2 North and successful appraisal Kenli 9-5/9-6 have further enlarged the reserve scale of Bohai and facilitated our sustainable development in the future."