Cnooc Limited (NYSE:CEO)

HONG KONG, April 29, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the first quarter of 2020.

The Company achieved a total net production of 131.5 million barrels of oil equivalent ("BOE") for the first quarter of 2020, representing an increase of 9.5% year-over-year ("YoY"). Production from China increased by 9.7% YoY to 87.1 million BOE, mainly attributable to commencement of new projects and the acquisition of China United Coalbed Methane Corporation Limited. Overseas production increased by 9.0% YoY to 44.5 million BOE, mainly due to production contribution from new projects including Egina oilfield in Nigeria and Appomattox oilfield in the US Gulf of Mexico. For the new projects planned this year, Liza oilfield phase 1 in Guyana came on stream ahead of schedule in December 2019, and other projects progressed as scheduled.

During the period, the Company made two new discoveries and drilled 21 successful appraisal wells. In offshore China, Kenli 6-1 oil and gas bearing structure was successfully appraised and became the first large-sized oilfield in Laibei lower uplift, which further proved the huge exploration potential of the Neogene lithologic reservoir in Laizhou Bay. In Guyana, the 16th new discovery of Uaru was made in the Stabroek block.

For the first quarter of 2020, the Company's average realised oil price decreased by 19.3% YoY to US$49.03 per barrel, which was in line with the trend of international oil prices. The Company's average realised gas price was US$6.38 per thousand cubic feet, decreased by 7.3% YoY, primarily due to the declined gas price in North America. The unaudited oil and gas sales revenue of the Company reached approximately RMB 39.95 billion during the period, down only 5.5% YoY, mainly due to the combined effect of lower realised oil price and increased oil and gas sales volume.

The Company's capital expenditure reached approximately RMB 16.90 billion for the first quarter of 2020, up 20.1% YoY, as a result of the increased workloads.

Under the current low oil price environment, the Company has adjusted its operating strategy promptly and implemented more prudent investment decision to ensure its long-term sustainable development. The Company has reduced its annual net production target for 2020 from 520-530 million BOE to 505-515 million BOE and total capital expenditures for 2020 from RMB 85-95 billion to RMB 75-85 billion.       

Mr. Xu Keqiang, CEO of the Company, said, "The global oil and gas market was facing an unprecedented situation in the first quarter of 2020 as impacted by the COVID-19 pandemic and sharp drop of international oil prices. In response to an increasingly complex external environment, CNOOC Limited took proactive measures to face the challenges and strived to mitigate the impact. For the rest of the year, we will continue to implement more stringent cost controls, and further strengthen our cash flow management."

HONG KONG, Jan. 13, 2020 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883,NYSE: CEO, TSX: CNU) today announced its business strategy and development plan for the year 2020.

The Company's targeted net production for 2020 is 520 million to 530 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 64% and 36%, respectively. The Company's net production for 2019 is expected to be approximately 503 million BOE. The Company's net production for 2021 and 2022 are estimated to be around 555 million BOE and 590 million BOE, respectively.

The Company's total capital expenditure for 2020 is budgeted at RMB85 billion to RMB95 billion. The capital expenditures for exploration, development, production and others will account for approximately 20%, 58%, 20% and 2% of the total capital expenditure, respectively.

In 2020, the Company plans to drill 227 exploration wells and collect approximately 27 thousand square kilometers 3-Dimensional (3D) seismic data.

In 2020, ten new projects are expected to come on stream, namely Penglai 19-3 oil field block 4 adjustment/Penglai19-9 oil field phase II, Qinhuangdao 33-1 South oil field phase I, Bozhong 19-6 gas field pilot area development project, Luda 16-3/21-2 joint development project, Nanbao 35-2 oil filed S1 area, Jinzhou 25-1 oil field 6/11 area, Liuhua 29-1 gas field development project and Liuhua 16-2 oil field/20-2 oil field joint development project in offshore China, Liza oil field phase 1 in Guyana and Buzzard oil field phase II in the UK. Among which, Liza oil field phase 1 in Guyana has already come on stream ahead of schedule.

Mr. Xie Weizhi, CFO of the Company, said, "The Company will continue to maintain cost competitiveness, maintain prudent investment decision-making, and ensure the effective implementation of the capital expenditure plan to fully promote the Company to a new phase of high-quality development."

Mr. Xu Keqiang, CEO and the President of the Company, said,  "In 2020, the Company will steadily increase its oil and gas reserves and production, pursue profitable reserves and production, lay a solid foundation for high-quality development through technology innovations and management enhancement, and create excellent returns for our shareholders.

er and acting chief financial officer of the Company, to acquire all of the outstanding ordinary shares (the “Shares”) of the Company, including Shares represented by American depositary shares (the “ADSs,” each representing ten Class A ordinary shares), that are not already owned by Mr. Chen and his affiliates (the “Buyer Group”) for a purchase price of $20.0 per ADS in cash (the “Proposed Transaction”). The Proposed Transaction, if completed, would result in the Company becoming a privately-held company owned by the Buyer Group, and the Company’s ADSs would be delisted from the New York Stock Exchange. A copy of the Proposal is attached hereto as Exhibit A.

The Company has formed a special committee of the Board, composed of Mr. Sean Shao and Mr. Adam J. Zhao, each an independent and disinterest director, to consider the Proposal and the Proposed Transaction. The special committee has retained Hogan Lovells as its United States legal counsel in connection with its review and evaluation of the Proposal and the Proposed Transaction. The Company cautions that the Board has just received the Proposal and has not made any decisions with respect to the Proposal and the Proposed Transaction. There can be no assurance that the Buyer Group will make any definitive offer to the Company, that any definitive agreement relating to the Proposal will be entered into between the Company and the Buyer Group, or that the Proposed Transaction or any other similar transaction will be approved or consummated.

The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

HONG KONG, Oct. 24, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883,NYSE: CEO, TSX: CNU) today announced its key operational statistics for the third quarter of 2019.

The Company achieved a total net production of 124.8 million barrels of oil equivalent ("BOE") for the third quarter of 2019, representing an increase of 9.7% year over year ("YoY"). Production from offshore China increased 8.9% YoY to 80.2 million BOE, mainly attributable to production growth from the commencement of new projects. Overseas production increased 11.2% YoY to 44.6 million BOE, mainly due to the contribution from the new projects of Egina and Appomattox.

During the period, the Company made three new discoveries and drilled 19 successful appraisal wells. In offshore China, Kenli 6-1 in Bohai was successfully appraised and is expected to be a mid-sized oil and gas structure. In Guyana, the new discovery of Tripletail was made in the Stabroek block, which is the fourteenth oil discovery achieved in the block and will support the future development of the Turbot area.

On development and production, three out of six new projects planned for this year have commenced production. Bozhong 34-9 oil field, Caofeidian 11-1/11-6 comprehensive adjustment project and Wenchang 13-2 comprehensive adjustment project are undergoing offshore commissioning.

The unaudited oil and gas sales revenue of the Company reached approximately RMB48.34 billion for the third quarter of 2019, representing an increase of 0.8% YoY, mainly due to the increase in production offset the decrease in realized prices. During this quarter, the Company's average realized oil price decreased 14.9% YoY to US$60.89 per barrel, which is in line with the international oil prices. The Company's average realized gas price decreased 8.8% YoY to US$5.70 per thousand cubic feet, mainly due to the increased proportion of gas production with lower realized gas price.

For the third quarter of 2019, the Company's capital expenditure increased 27.9% YoY to approximately RMB19.53 billion, mainly due to the significant increase in workload.

Mr. Xu Keqiang, President of CNOOC Limited, commented: "In the third quarter, the Company further strengthened its efforts in exploration and development, seeing a steady increase in net production in offshore China and from overseas. The Company is confident of achieving the full-year production and operation targets, and will strive to create maximum and enduring value for its shareholders."

HONG KONG, Sept. 25, 2019 /PRNewswire/ -- CNOOC Limited (the "Company",NYSE: CEO, SEHK: 00883, TSX: CNU) announced on September 25, 2019 (New York time) the pricing of an offering of US$1,500,000,000 aggregate principal amount of guaranteed notes. The offering consists of US$1,000,000,000 of 2.875% guaranteed notes due 2029 (the "2029 Notes") and US$500,000,000 of 3.300% guaranteed notes due 2049 (the "2049 Notes"). The 2029 Notes and 2049 Notes (collectively, the "Notes") will be issued by CNOOC Finance (2013) Limited, a direct wholly-owned subsidiary of the Company incorporated in the British Virgin Islands. The Notes will be guaranteed by the Company.

The net proceeds from this offering are expected to be approximately US$1,489,900,000. The proceeds will be used for general corporate purpose.

Application has been made to The Stock Exchange of Hong Kong Limited for listing of, and permission to deal in, the Notes by way of debt issue to professional investors only. Listing of the Notes on The Stock Exchange of Hong Kong Limited is not to be taken as an indication of the merits of the Notes, the Company or CNOOC Finance (2013) Limited.

Bank of China Limited, BOCI Asia Limited, Citigroup Global Markets Inc., Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities LLC and UBS AG Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners for the offering. ABCI Capital Limited, Agricultural Bank of China Limited Hong Kong Branch, The Bank of East Asia, Limited, BOCOM International Securities Limited, China International Capital Corporation Hong Kong Securities Limited, ICBC International Securities Limited and Société Générale are the joint bookrunners for the offering.

The offering of the Notes is made pursuant to the Company's shelf registration statement on Form F-3 (File No. 333-224357) filed with the United States Securities and Exchange Commission (the "US SEC") on April 20, 2018, as amended by the post-effective amendment No.1 to the registration statement filed with the US SEC on September 20, 2019. A preliminary prospectus supplement and accompanying prospectus have been filed with the US SEC in connection with this offering. The offering may only be made by means of the prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus may be obtained from Citigroup Global Markets Inc., 388 Greenwich Street, New York, NY 10013, telephone: 1-800-831-9146; Prospectus Department, Goldman Sachs & Co. LLC, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, Facsimile: +1 212 834 6081, Attn: Investment Grade Finance; UBS Securities LLC, 677 Washington Boulevard, Stamford, Connecticut 06901, telephone: 1-203-719-1088; and SG Americas Securities, LLC, 245 Park Avenue, New York 10167, telephone: 1-855-881-2108, Attn: US High Grade Syndicate Desk.

HONG KONG, Aug. 29, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2019 interim results for the six months ended June 30, 2019.

CNOOC Limited devoted efforts in exploration and development activities during the first half of 2019 through a pragmatic and enterprising approach, and successfully increased oil and gas reserves and production levels. The Company's amount of exploration and development activities reached a record high with improving key financial indicators. Overall, the Company's operating results improved steadily and it successfully achieved its targets.

In the first half of the year, 16 new discoveries were made and 35 successful appraisal wells were drilled. Among them, the appraisal of Bozhong 19-6 condensate gas field in Bohai, China achieved encouraging successes, adding proved in-place volume of exceeding 100 million tons of oil equivalent, and providing a strong resource foundation for sustainable development of Bohai. In Stabroek block of Guyana, three new discoveries were made and the recoverable resources were further expanded to more than 6.0 billion barrels of oil equivalent ("BOE"). The Glengorm discovery in the North Sea announced at the beginning of the year was proved to be the largest oil and gas discovery in U.K. in the past decade, further consolidating the Company's leading position in U.K. oil and gas exploration and production industry.

Oil and gas production remained stable in the first half of the year, with a net production of 243.0 million BOE, representing an increase of 2.1% year on year. Among the six new projects scheduled to commence production this year, the Egina oilfield, Huizhou 32-5 oilfield comprehensive adjustment/Huizhou 33-1 oilfield joint development project and Appomattox project have successfully commenced production in the first half of the year. Other projects are promoted actively.

During the period, the Company's profitability and financial status continued to improve. Through effective control, our all-in-cost fell below US$30 per BOE, reaching US$28.99, representing a decrease of 8.9% year on year, which reinforced our cost competitiveness. The Company's capital expenditure was RMB33.7 billion, representing an increase of 60.5% year on year. Oil and gas sales reached RMB94.28 billion, representing a year-on-year increase of 4.4%; net profits amounted to RMB30.25 billion; and earnings per share was RMB0.68, representing a significant increase of 18.7% year on year. The Board of Directors has declared an interim dividend of HK$0.33 per share (tax inclusive) for the first half of 2019 by taking into account the Company's financial performance.

Mr. Yang Hua, Chairman of CNOOC Limited, commented: "In the first half of 2019, with determined efforts to develop the Company's business through innovation, the management and staff devoted efforts in exploration and development activities through a pragmatic and enterprising approach, successfully increased oil and gas reserves and production levels achieving outstanding results in high-quality development. Going forward, the Company will continue to strengthen its strategic guidance, re-allocate its resources accordingly and press forward with all major tasks to achieve its major production and operation targets for the year thus to create a new era of high-quality development and create greater value for the shareholders."

HONG KONG, June 7, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that the Company and CEPR Limited("CEPR"), a wholly-owned subsidiary of the Company, entered into a Share Purchase Agreement with Joint Stock Company Novatek ("JSC Novatek") and Ekropromstroy Limited Liability Company("Ekropromstroy"), a wholly-owned subsidiary of JSC Novatek, pursuant to which, CEPR shall acquire 10% equity interest in Arctic LNG 2 LLC held by Ekropromstroy (the "Acquisition").

Pursuant to the Share Purchase Agreement, completion of the acquisition is conditional upon the approval of relevant government authorities of China and Russia and satisfaction of certain other conditions. The acquisition is expected to complete in the near future. 

JSC Novatek is principally engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons and has more than 20 years of operational experience in the Russian oil and natural gas sector. 

Arctic LNG 2 LLC is a limited company incorporated in the Russian Federation engaging in the Arctic LNG 2 Project, the second large onshore conventional natural gas project led by JSC Novatek on the Gydan Peninsula in Russia, which contains the development and production of Utrenneye gas field and the construction and operation of three liquefied natural gas trains. Arctic LNG 2 LLC holds the liquefied natural gas licence that grants an exclusive right to export liquefied natural gas produced from gas extracted from the Utrenneye gas field.

HONG KONG, June 7, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that the Company and CEPR Limited("CEPR"), a wholly-owned subsidiary of the Company, entered into a Share Purchase Agreement with Joint Stock Company Novatek ("JSC Novatek") and Ekropromstroy Limited Liability Company("Ekropromstroy"), a wholly-owned subsidiary of JSC Novatek, pursuant to which, CEPR shall acquire 10% equity interest in Arctic LNG 2 LLC held by Ekropromstroy (the "Acquisition").

Pursuant to the Share Purchase Agreement, completion of the acquisition is conditional upon the approval of relevant government authorities of China and Russia and satisfaction of certain other conditions. The acquisition is expected to complete in the near future. 

JSC Novatek is principally engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons and has more than 20 years of operational experience in the Russian oil and natural gas sector. 

Arctic LNG 2 LLC is a limited company incorporated in the Russian Federation engaging in the Arctic LNG 2 Project, the second large onshore conventional natural gas project led by JSC Novatek on the Gydan Peninsula in Russia, which contains the development and production of Utrenneye gas field and the construction and operation of three liquefied natural gas trains. Arctic LNG 2 LLC holds the liquefied natural gas licence that grants an exclusive right to export liquefied natural gas produced from gas extracted from the Utrenneye gas field.

HONG KONG, April 25, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883,NYSE: CEO, TSX: CNU) announced today that the Company has signed a Heads of Agreement with JSC Novatek, a Russian gas producer, for the acquisition of 10% interest of the Arctic LNG 2 project.

The Arctic LNG 2 Project is located on the Gydan Peninsula, Russia and the second large onshore conventional natural gas project led by JSC Novatek, which contains the development and production of Utrenneye gas field and the construction and operation of three LNG trains.

The completion of the transaction is subject to the conclusions of due diligence, signing of the Sales and Purchase Agreement, and approval by the Company's Board of Directors as well as that by Chinese and Russian authorities (if needed).

HONG KONG, April 25, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the first quarter of 2019.

The Company achieved a total net production of 120.1 million barrels of oil equivalent ("BOE") for the first quarter of 2019, remaining stable compared to the same period last year. Production from offshore China increased 2.3% year over year ("YoY") to 79.3 million BOE, mainly attributable to commencement of production of new projects. Overseas production decreased 4.2% YoY to 40.8 million BOE, mainly due to completion of historical investment recovery of Missan project in Iraq and expiration of contract of SES block in Indonesia.

During the period, the Company made four new discoveries and drilled ten successful appraisal wells. In Bohai, the new discovery Luda 25-1 is expected to be a mid-sized oil-bearing structure. In Guyana, two new discoveries, namely Tilapia and Haimara, were made in the Stabroek block, which represent the eleventh and twelfth oil discoveries achieved in the block. In addition, on April 18, the operator, ExxonMobil has announced Yellowtail as the thirteenth discovery in the block.

For the new projects planned to commence production this year, Egina oilfield in Nigeriaand Huizhou 32-5 oilfield comprehensive adjustment/Huizhou 33-1 oilfield joint development project in offshore China have commenced production successfully, other projects progressed smoothly.

The unaudited oil and gas sales revenue of the Company reached approximately RMB 42.05 billion for the first quarter of 2019, down 1.1% YoY. During the period, the Company's average realized oil price decreased 4.3% YoY to US$60.78 per barrel, which is in line with the international oil prices. The Company's average realized gas price was US$6.88 per thousand cubic feet, increasing by 6.3% YoY, primarily driven by the increased production proportion from gas fields of higher realized gas price.

For the first quarter of 2019, the Company's capital expenditure reached approximately RMB 14.08 billion, up 45.8% YoY as a result of increased workload.

Mr. Yuan Guangyu, CEO of the Company, said, "In the first quarter of the year, the Company's overall production and operations remained stable, capital expenditure increased substantially. Looking ahead, we will steadily increase oil and gas reserve and production, continuously adhere to the concept of green and low-carbon and promote the high-quality development of the Company, strive to achieve the overall target for the year."

HONG KONG, April 12, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883,NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed a production sharing contract (PSC) with Smart Oil Investment Ltd. (Smart Oil) for Bohai 09/17 Block (contract area).

Bohai 09/17 Block is located in the Qikou sag, Bohai Bay Basin in China. It covers a total area of 509.3 square kilometers with a water depth of 5-10 meters.

According to the terms of the PSC, Smart Oil shall act as the Operator during the exploration period and conduct exploration activities in the block mentioned above, in which all expenditures incurred will be borne by Smart Oil. Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the Bohai 09/17 Block. After signing the above-mentioned PSC, except for those relating to CNOOC's administrative functions, CNOOC will assign all of its rights and obligations under the PSC to CNOOC China Limited, a subsidiary of CNOOC Limited.

HONG KONG, March 21, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2018 annual results for the year ended December 31, 2018.

In 2018, CNOOC Limited expanded its oil and gas reserves and production at a steady pace, strengthened its cost control and achieved remarkable results. Total net oil and gas production of the Company achieved 475 million barrels of oil equivalent ("BOE"), successfully meeting the annual target set at the year beginning. During the year, the Company made 17 commercial discoveries and successfully appraised 17 oil and gas structures. In offshore China, multiple high quality mid-to-large size oil and gas fields, including Bozhong 19-6 and Bozhong 29-6, were successfully appraised. In overseas, 5 new world-class discoveries were made in the Stabroek block in Guyana. CNOOC Limited's reserve replacement ratio reached 126% and its reserve life improved to 10.5 years. At the end of 2018, the net proved reserves of CNOOC Limited were 4.96 billion BOE, reaching a historic high. Therefore, the Company's resource foundation for sustainable development in the future was further strengthened.

In 2018, the Company's average realized oil price was US$67.22 per barrel, representing an increase of 27.7% year-over-year (YoY). The average realized natural gas price was US$6.41 per thousand cubic feet, representing an increase of 9.8% YoY. In addition, the Company's oil and gas sales revenue was RMB185.9 billion, an increase of 22.4% YoY. The Company focused on technological and management innovation to fuel quality and efficiency enhancements, and achieved cost reduction for the fifth consecutive year. In 2018, the Company's all-in cost decreased to US$30.39 per BOE by 6.6% YoY, and maintained its cost competitiveness. Due to higher international oil prices and improvements in cost control, the Company's net profit increased significantly to RMB52.7 billion, representing an increase of 113.5% YoY.

During the year, the Company maintained a healthy financial position and had abundant free cash flow. The capital expenditures were RMB62.6 billion.

In 2018, the Company's basic earnings per share was RMB1.18. The Board of Directors has proposed a year-end dividend of HK$0.40 per share (tax inclusive).

Mr. Yang Hua, Chairman of CNOOC Limited, said: "In 2018, facing the complex external environment, CNOOC Limited focused on high-quality development, and maintained strong cost competitiveness. The Company steadily expanded the oil and gas reserves and production, achieved a significant growth in net profit. In the future, the Company will continue to increase oil and gas reserves and production, actively implement low-carbon development strategies, speed up the transformation and upgrading, and continuously create value for shareholders."

HONG KONG, March 21, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2018 annual results for the year ended December 31, 2018.

In 2018, CNOOC Limited expanded its oil and gas reserves and production at a steady pace, strengthened its cost control and achieved remarkable results. Total net oil and gas production of the Company achieved 475 million barrels of oil equivalent ("BOE"), successfully meeting the annual target set at the year beginning. During the year, the Company made 17 commercial discoveries and successfully appraised 17 oil and gas structures. In offshore China, multiple high quality mid-to-large size oil and gas fields, including Bozhong 19-6 and Bozhong 29-6, were successfully appraised. In overseas, 5 new world-class discoveries were made in the Stabroek block in Guyana. CNOOC Limited's reserve replacement ratio reached 126% and its reserve life improved to 10.5 years. At the end of 2018, the net proved reserves of CNOOC Limited were 4.96 billion BOE, reaching a historic high. Therefore, the Company's resource foundation for sustainable development in the future was further strengthened.

In 2018, the Company's average realized oil price was US$67.22 per barrel, representing an increase of 27.7% year-over-year (YoY). The average realized natural gas price was US$6.41 per thousand cubic feet, representing an increase of 9.8% YoY. In addition, the Company's oil and gas sales revenue was RMB185.9 billion, an increase of 22.4% YoY. The Company focused on technological and management innovation to fuel quality and efficiency enhancements, and achieved cost reduction for the fifth consecutive year. In 2018, the Company's all-in cost decreased to US$30.39 per BOE by 6.6% YoY, and maintained its cost competitiveness. Due to higher international oil prices and improvements in cost control, the Company's net profit increased significantly to RMB52.7 billion, representing an increase of 113.5% YoY.

During the year, the Company maintained a healthy financial position and had abundant free cash flow. The capital expenditures were RMB62.6 billion.

In 2018, the Company's basic earnings per share was RMB1.18. The Board of Directors has proposed a year-end dividend of HK$0.40 per share (tax inclusive).

Mr. Yang Hua, Chairman of CNOOC Limited, said: "In 2018, facing the complex external environment, CNOOC Limited focused on high-quality development, and maintained strong cost competitiveness. The Company steadily expanded the oil and gas reserves and production, achieved a significant growth in net profit. In the future, the Company will continue to increase oil and gas reserves and production, actively implement low-carbon development strategies, speed up the transformation and upgrading, and continuously create value for shareholders."

HONG KONG, Jan. 28, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883,NYSE: CEO, TSX: CNU) announced a new discovery on the Glengorm prospect, located in offshore UK Central North Sea.

The Glengorm discovery is located in License P2215 with a water depth of approximately 86 meters. The exploration well Glengorm was drilled to a total depth of 5,056 meters and encountered net gas and condensate pay zones with a total thickness of 37.6 meters.

Mr. Xie Yuhong, Executive Vice President of the Company commented, "Glengorm discovery demonstrates the great exploration potential of License P2215. We are looking forward to further appraisal."

CNOOC Petroleum Europe Limited, a wholly-owned subsidiary of CNOOC Limited, is the operator of License P2215, holding 50% interest. Total E&P UK North Sea Limited holds 25% interest and Euroil, a wholly owned subsidiary of Edison Esplorazione e Produzione SpA, holds 25% interest.

HONG KONG, Jan. 23, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883,NYSE: CEO, TSX: CNU) today announced its business strategy and development plan for the year 2019.

The Company's net production target for 2019 is 480 million to 490 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 63% and 37%, respectively. The Company's net production for 2018 is expected to be approximately 475 million BOE. The Company's net production for 2020 and 2021 are estimated to be 505 million to 515 million BOE and 535 million to 545 million BOE, respectively.

In 2019, six new projects are expected to come on stream, of which the Egina oil field in Nigeria and Huizhou 32-5 oil field comprehensive adjustment/Huizhou 33-1 oil field joint development project in offshore China have commenced production. The other four projects, namely Appomattox project in the US Gulf of Mexico, Bozhong 34-9 oil field, Caofeidian 11-1/11-6 comprehensive adjustment project and Wenchang 13-2 comprehensive adjustment project in offshore China will commence production as scheduled in the year.

In 2019, the Company plans to drill 173 exploration wells and acquire approximately 28 thousand square kilometers 3-Dimensional (3D) seismic data.

Total capital expenditure for the Company in 2019 is budgeted at RMB70.0 billion to RMB80.0 billion. The capital expenditures for exploration, development and production account for approximately 20%, 59% and 19%, respectively.

Mr. Xie Weizhi, CFO of the Company, said: "The Company will maintain its prudent financial policy and investment decision-making, and ensure the effective implementation of the capital expenditure plan to improve the overall performance of the Company."

Mr. Yuan Guangyu, CEO of the Company, said: "In 2019, the Company will steadily increase the reserve and production of oil and gas and accelerate its digital transformation. Meanwhile, we will continue to pursue a green, low-carbon and environment-friendly development model and promote the high-quality development of the Company, in order to deliver improved shareholder returns."

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883,NYSE: CEO,TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, ConocoPhillips, Equinor, Husky, KUFPEC, Roc Oil, Shell, SK Innovation and TOTAL (in alphabetical order).

According to the agreements, the Strategic Cooperation Areas are located in the Pearl River Mouth Basin offshore China, including Area A and Area B (existing mining license areas and the contract areas are not included). Area A is approximately 15,300 square kilometers, with a water depth of 80-120 meters and only open for the deep layers below Enping Formation of Paleogene. Area B is approximately 48,700 square kilometers, with a water depth of 500-3,000 meters and open for all the layers.

The agreements will facilitate the establishment of a long term and stable cooperation and share the development opportunities to a certain extent in the Strategic Cooperation Areas, creating conditions for the final signing of contracts. CNOOC Limited, as an independent oil and gas exploration and production company, is the only vehicle through which CNOOC engages in exploration, development, production and sale of crude oil and natural gas.

HONG KONG, Aug. 23, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2018 interim results for the six months ended June 30, 2018.

In the first half of the year, the Company maintained efficient oil and gas production operations with progress and successfully achieved its target. The Company made 8 new discoveries, including 6 discoveries in offshore China and 2 discoveries overseas. Two discoveries of hundred-million-ton of oil equivalent-class were successfully appraised in Bohai. Significant exploration breakthrough was made in South China Sea. Recoverable resources are estimated to be more than 4 billion barrels of oil equivalent in Stabroek Block offshore Guyana. To date, two out of the five new projects planned for 2018 have already commenced production and the remaining three projects are also progressing smoothly. Net production of oil and gas amounted to 238.1 mmboe, which was in-line with our expectation.

In the first half of 2018, the Company maintained a healthy profitability and a sound financial position. Oil and gas sales reached RMB 90.31 billion, representing a year-on-year increase of 20.5%. Net profit reached RMB 25.48 billion, representing a significant increase of 56.8% year-on-year ("YoY"). The Company's average realized oil price was US$ 67.36 per barrel, representing an increase of 33.6% YoY. The average realized natural gas price increased by 13.0% YoY to US$ 6.42 per thousand cubic feet. Despite the international oil prices rebound and industry costs inflation, the Company maintained a competitive all-in cost of US$ 31.83/BOE during the first half of the year.

In the first half of 2018, the Company has maintained sound financial status and achieved a significant increase in free cash flow. The capital expenditures were RMB 21.0 billion. Investment progress is expected to accelerate in the second half of the year.

Mr. Yang Hua, Chairman of CNOOC Limited, commented: "In the first half of 2018, CNOOC Limited continued to capitalize on its strengths to explore favorable opportunities and pursue innovative ideas in an effort to reach its potential. During the period, the Company put quality first and gave priority to performance and achieved outstanding results. Going forward, the Company will continue to maintain its confidence and make solid progress to achieve its major production and operation targets for the year thus to create greater value for the shareholders."

In the first half of the year, the Company's basic earnings per share reached RMB 0.57, representing a significant increase of 56.8% YoY. Taking into account the Company's financial position, the Board has declared an interim dividend of HK$ 0.30 per share (tax inclusive) for the first half of 2018, representing a significant increase of 50% YoY.

HONG KONG, Aug. 23, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2018 interim results for the six months ended June 30, 2018.

In the first half of the year, the Company maintained efficient oil and gas production operations with progress and successfully achieved its target. The Company made 8 new discoveries, including 6 discoveries in offshore China and 2 discoveries overseas. Two discoveries of hundred-million-ton of oil equivalent-class were successfully appraised in Bohai. Significant exploration breakthrough was made in South China Sea. Recoverable resources are estimated to be more than 4 billion barrels of oil equivalent in Stabroek Block offshore Guyana. To date, two out of the five new projects planned for 2018 have already commenced production and the remaining three projects are also progressing smoothly. Net production of oil and gas amounted to 238.1 mmboe, which was in-line with our expectation.

In the first half of 2018, the Company maintained a healthy profitability and a sound financial position. Oil and gas sales reached RMB 90.31 billion, representing a year-on-year increase of 20.5%. Net profit reached RMB 25.48 billion, representing a significant increase of 56.8% year-on-year ("YoY"). The Company's average realized oil price was US$ 67.36 per barrel, representing an increase of 33.6% YoY. The average realized natural gas price increased by 13.0% YoY to US$ 6.42 per thousand cubic feet. Despite the international oil prices rebound and industry costs inflation, the Company maintained a competitive all-in cost of US$ 31.83/BOE during the first half of the year.

In the first half of 2018, the Company has maintained sound financial status and achieved a significant increase in free cash flow. The capital expenditures were RMB 21.0 billion. Investment progress is expected to accelerate in the second half of the year.

Mr. Yang Hua, Chairman of CNOOC Limited, commented: "In the first half of 2018, CNOOC Limited continued to capitalize on its strengths to explore favorable opportunities and pursue innovative ideas in an effort to reach its potential. During the period, the Company put quality first and gave priority to performance and achieved outstanding results. Going forward, the Company will continue to maintain its confidence and make solid progress to achieve its major production and operation targets for the year thus to create greater value for the shareholders."

In the first half of the year, the Company's basic earnings per share reached RMB 0.57, representing a significant increase of 56.8% YoY. Taking into account the Company's financial position, the Board has declared an interim dividend of HK$ 0.30 per share (tax inclusive) for the first half of 2018, representing a significant increase of 50% YoY.

HONG KONG, May 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed two production sharing contracts (PSCs) with Husky Oil Operations (China) Limited (Husky) for Block 22/11 and 23/07 in the South China Sea.

Block 22/11 and 23/07 are located in the Beibu Gulf of the South China Sea. The Block 22/11 covers a total area of 1,663 square kilometers with a water depth of 40-80 meters and the Block 23/07 covers a total area of 1,210 square kilometers with a water depth of 20-40 meters.

According to the terms of the PSCs, Husky shall act as the operator during the exploration period and conduct exploration activities in the two blocks mentioned above, in which all expenditures incurred will be borne by Husky. Once entering the development phase, CNOOC has the right to participate in up to 51% of the participating interest in any commercial discoveries of the blocks. After signing the above-mentioned PSCs, except for those relating to CNOOC's administrative functions, CNOOC will assign all of its rights and obligations under PSCs to CNOOC China Limited, a subsidiary of CNOOC Limited.

HONG KONG, April 25, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced on April 25, 2018 (New York time) the pricing of an offering of US$ 1,450,000,000 aggregate principal amount of guaranteed notes. The offering consists of US$450,000,000 of 3.750% guaranteed notes due 2023 (the "2023 Notes") and US$1,000,000,000 of 4.375% guaranteed notes due 2028 (the "2028 Notes"). The 2023 Notes and 2028 Notes (collectively, the "Notes") will be issued by CNOOC Finance (2015) U.S.A. LLC, an indirect wholly-owned subsidiary of the Company formed in Delaware, U.S.A. The Notes will be guaranteed by the Company.

The net proceeds from this offering are expected to be approximately US$1,437,504,000. The proceeds are intended to be used in part to repay all or part of certain outstanding borrowings of our wholly-owned subsidiary Nexen Energy Capital Management U.S.A. Inc. and the remaining proceeds from this offering, if any, will be used for general corporate purpose.

Application has been made to The Stock Exchange of Hong Kong Limited for listing of, and permission to deal in, the Notes by way of debt issue to professional investors only. Listing of the Notes on The Stock Exchange of Hong Kong Limited is not to be taken as an indication of the merits of the Notes, the Company or CNOOC Finance (2015) U.S.A. LLC.

HONG KONG, March 29, 2018 /PRNewswire/ -- CNOOC Limited (the "Company") (SEHK:00883) (CEO) (CNU.TO) today announced its 2017 annual results for the year ended December 31, 2017.

The Company significantly advanced work in exploration, development and production throughout 2017, which have further strengthened the resource foundation of sustainable development. In offshore China, the Company delivered substantial exploration results and breakthroughs. Overseas exploration recorded significant success allowing the Company to further optimize its strategic overseas portfolio. During the year, the Company made 19 commercial discoveries and successfully appraised 16 oil and gas structures. In addition, reserve life improved significantly to 10.3 years, with the reserve replacement ratio reaching 305% for the year. At the end of 2017, the Company's net proved reserves were approximately 4.84 billion barrels of oil equivalent ("BOE"), reaching a historic high. New projects progressed smoothly and all five projects planned at the beginning of the year successfully commenced production. The Company outperformed its oil and gas production target for the year with net oil and gas production reaching 470.2 million BOE.

In 2017, the Company's average realized oil price was US$52.65 per barrel, representing an increase of 27.2% year-over-year (YoY). The average realized natural gas price was US$5.84 per thousand cubic feet, representing an increase of 7.0% YoY. In addition, the Company's oil and gas sales revenue was RMB151.9 billion, representing an increase of 25.2% YoY. The Company focused on innovation to fuel quality and efficiency enhancements, and achieved cost reductions for the fourth consecutive year. In 2017, the Company's all-in cost was US$32.54 per BOE, a decrease of 6.2% YoY. Net profit increased significantly to RMB24.7 billion; due primarily to higher international oil prices and improvements in cost control.

During the year, the Company maintained a healthy financial position and had abundant free cash flow. The capital expenditures were RMB50.1 billion.

In 2017, the Company's basic earnings per share was RMB0.55. The Board of Directors has proposed a year-end dividend of HK$0.30 per share (tax inclusive).

Mr. Yang Hua, Chairman of CNOOC Limited, said: "The Company continued efforts to enhance quality and efficiency through innovation, and maintained strong cost competitiveness. The Company increased the reserve life significantly and improved profit greatly. In the future, the Company will follow the established development strategy and continue to pursue value creation to bring greater returns to shareholders."

HONG KONG, Feb. 1, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its business strategy and development plan for the year 2018.

The Company's net production target for 2018 is 470 million to 480 million barrels of oil equivalent (BOE), of which, production from China and overseas accounts for approximately 64% and 36%, respectively. The Company's net production for 2017 is expected to be approximately 469 million BOE. The Company's net production for 2019 and 2020 are estimated to be approximately 485 million BOE and 500 million BOE, respectively.

In 2018, five new projects are expected to come on stream, namely Stampede oil field in the United States as well as Weizhou 6-13 oil field, Penglai 19-3 oil field 1/3/8/9 comprehensive adjustment project, Dongfang 13-2 gas fields and Wenchang 9-2/9-3/10-3 gas fields in offshore China. The Company will continue to promote the progress of its major overseas projects.

In 2018, the Company plans to drill 132 exploration wells and acquire approximately 19 thousand square kilometers 3-Dimensional (3D) seismic data.

Total capital expenditure for the Company in 2018 is budgeted at RMB70.0 billion to RMB80.0 billion. The capital expenditures for exploration, development and production account for approximately 18%, 65% and 16%, respectively.

Mr. Xie Weizhi, CFO of the Company, said: "The Company will maintain prudent financial policy and investment decision-making. We will continue to reinforce quality and efficiency enhancements to continuously improve the Company's core competitiveness."

Mr. Yuan Guangyu, CEO of the Company, said: "In 2018, the Company endeavors to strengthen innovation and technology-driven philosophy. Meanwhile, we will continue to pursue a sustainable and environmentally friendly development model while increasing oil and gas production and reserves, in order to deliver improved shareholder returns."

HONG KONG, Dec. 8, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced that the Company has recently made a mid-sized natural gas field discovery Bozhong 19-6 in Bohai.

Bozhong 19-6 trap is located in the southwest sag of Bozhong south central Bohai, with an average water depth of about 22 meters.

The discovery well Bozhong 19-6-1 is drilled and completed at a depth of 4,181 meters and encountered oil pay zones with a total thickness of approximately 25 meters and gas reservoir with a total thickness of about 348 meters. The evaluation well was tested to produce about 1,000 barrels of oil and 6.4 million cubic feet of natural gas per day.

Mr. Xie Yuhong, Executive Vice President of the Company and General Manager of Exploration Department commented, "The natural gas field discovery of Bozhong 19-6 demonstrates the good prospects of buried hills for future gas exploration of Bohai Bay and lays a solid foundation for Company's quality clean energy supply for Beijing-Tianjin-Hebei region".

HONG KONG, Nov. 28, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today the Weizhou 12-2 oil field phase II project has already commenced production.

The Weizhou 12-2 oil field phase II project is located in Beibu Gulf in the South China Sea with an average water depth of approximately 35.7 meters. In addition to fully utilizing the existing facilities of Weizhou 12-2 oil field, the project has also built one wellhead platform. There are seven wells currently producing approximately 6,400 barrels of crude oil per day. The project is expected to reach its ODP designed peak production of approximately 11,800 barrels of crude oil per day in 2018.

The Weizhou 12-2 oil field phase II project is an independent oilfield in which the Company holds 100% interest and acts as the operator.

HONG KONG, Nov. 27, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today Libra block in Brazil has already started production.

The Libra block is located approximately 180 kilometers off the Rio de Janeiro coast. The block had its first oil produced with the Pioneiro de Libra FPSO, destined to extended well tests, with the purpose of evaluating the dynamic behavior of the oil reservoir and deepening the knowledge on the characteristics of the deposit. Pioneiro de Libra has a daily operational capacity rate up to 50,000 barrels of crude oil and 4 million cubic meters of associated gas.

The Company holds 10% in the Libra Consortium, with the operator Petrobras (40%), Shell (20%), Total (20%) and CNPC (10%).

Mr. Chen Ming, President of CNOOC International Limited commented, "It is a great pleasure to see the Libra block reaching an important milestone, which is the result of our joint efforts with our partners, and we look forward to better performance in the future."

Mr. Yuan Guangyu, CEO of the Company commented, "This year, the company has made great achievements in Brazil. In addition to the Libra block started production, the Company also has won the bid of ES-M-592 block in Espírito Santo basin and Alto de Cabo Frio Oeste block in Santos basin. These successes will help Company expand overseas business and lay a good foundation for future development."

HONG KONG, Oct. 25, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the third quarter of 2017.

For the third quarter of the year, the Company achieved a total net production of 116.2 million barrels of oil equivalent ("BOE"), representing a decrease of 1.3% year over year ("YoY"). Production from offshore China decreased 2.4% YoY to 73.8 million BOE, mainly due to production decline of producing fields. Overseas production increased 0.7% YoY to 42.4 million BOE.

During the period, the Company made five new discoveries and drilled nine successful appraisal wells. Successful appraisal of Wushi 16-1W is expected to promote the development of Wushi oilfield Phase II and build it into a mid-to-large size oilfield. In overseas, new progress of exploration in Stabroek block has been made, including the successful appraisal well Payara-2 and the new discovery well Turbot-1.

To date, four out of five new projects planned for this year have commenced production. Weizhou 12-2 oil field Phase II is under installation and commissioning and expected to commence production within the year .

For the third quarter of the year, the unaudited oil and gas sales revenue of the Company reached approximately RMB 35.94 billion, representing an increase of 16.9% YoY, mainly due to the increase of average realized oil and gas prices. During the period, the Company's average realized oil price increased 20.4% YoY to US$50.87 per barrel, which mainly due to the increased international oil prices. The Company's average realized gas price was US$6.05 per thousand cubic feet, representing an increase of 15.9% YoY, mainly due to the increasing percentage of sale volume of high-price in project offshore China and the rise of benchmark gas prices overseas.

For the third quarter of the year, the Company's capital expenditure reached approximately RMB 11.78 billion, almost flat from the same period of last year.

Mr. Yuan Guangyu, CEO of the Company, said, "During the third quarter of the year, the Company made every effort to fully tap potential, constantly push forward quality and efficiency enhancement. Meanwhile, we are confident that we will achieve our production and operation targets for the year and continuously create greater value for the shareholders."

HONG KONG, Aug. 24, 2017 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2017 interim results for the six months ended June 30, 2017.

The Company has fully met 1H targets with outstanding production performance. Regarding exploration, 14 new discoveries and 14 successful appraisal wells were achieved, among which, 13 new discoveries and 12 successful appraisal wells were made in offshore China while one new discovery and 2 successful appraisal wells were made overseas. The Company ensured efficient operation and net production of oil and gas amounted to 237.9 million barrels of oil equivalent ("BOE"), outperformed our budget for the same period. To date, four out of five new projects planned for 2017 have already commenced production and another project Weizhou 12-2 oil field phase II is also progressing smoothly.

In the first half of 2017, the Company's average realized oil price was US$50.43 per barrel, representing an increase of 33.8% year-on-year ("YoY"). The average realized natural gas price increased by 3.5% YoY to US$5.68 per thousand cubic feet. The Company's oil and gas sales revenue reached RMB74.94 billion, representing an increase of 36.1% YoY.

The Company made further efforts on cost control and efficiency enhancement. The Company's all-in cost for the first half of 2017 was US$31.74/BOE, representing a decrease of 9.0% YoY. Operating expense was US$7.16/BOE, representing a decrease of 3.5% YoY. The Company has achieved satisfying profitability, and net profit for the first half of the year amounted to RMB16.25 billion. EBITDA amounted to RMB55.75 billion, representing an increase of 50.9% YoY.

In the first half of 2017, CNOOC Limited has maintained healthy financial status. The Company has abundant free cash flow ("FCF") and its gearing ratio has further decreased to 27.5%.

Mr. Yang Hua, Chairman of CNOOC Limited, said: "In the first half of 2017, CNOOC Limited continued to forge ahead, stepped up its efforts in reform and innovation, strived to seek opportunities for future development, and achieved a satisfactory performance. While sustained low oil prices is a challenge, the situation also presents an opportunity for the Company. The Company has continued to hone its risk-resistant capabilities while maintaining a high level of governance and profitability. Going forward, the Company will continue to move steadily ahead towards its set goals and create greater value for the shareholders."

In the first half of the year, the Company's basic earnings per share reached RMB0.36. The Board has declared an interim dividend of HK$0.20 per share (tax inclusive) for 2017.

HONG KONG, Oct. 26, 2016 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the third quarter of 2016.

For the third quarter of the year, the Company achieved total net production of 117.7 million barrels of oil equivalent ("BOE"), representing a decrease of 7.7% year-on-year ("YoY"), mainly due to the decline of production volume in oil and gas fields and weak demand in the domestic downstream gas market.

During the period, the Company made one new discovery and drilled ten successful appraisal wells offshore China. During the third quarter, Weizhou 6-9/6-10 comprehensive adjustment project and Enping 18-1 oilfield commenced production. The four projects that were planned to come on stream in 2016 have all commenced production.

For the third quarter of the year, the unaudited oil and gas sales revenue of the Company reached approximately RMB30.75 billion, representing a decrease of 15.2% YoY. The Company's average realized oil price decreased by 13.5% YoY to US$42.26 per barrel, while the average realized gas price was US$5.22 per thousand cubic feet, down 18.6% YoY.

To cope with the low oil price environment, the Company continued to lower costs, enhance efficiency and cut capital expenditure for the whole year. During the period, the Company's capital expenditure amounted to approximately RMB11.67 billion, representing a decrease of 20.9% YoY.

Mr. Yang Hua, Chairman and CEO of the Company, said, "In view of the market challenges during the third quarter of the year, the Company endeavored to lower costs and enhance efficiency, as well as made proactive efforts in all fields. In addition, the Company is confident in meeting the full year target of its key operating indicators." 

HONG KONG, Aug. 24, 2016 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its interim results for the six months ended June 30, 2016.

In the first half of the year, all businesses of the Company including exploration and development have made steady progress. Regarding exploration, the Company made six new discoveries and drilled 26 successful appraisal wells. Among which, the Company made six new discoveries and drilled 20 successful appraisal wells in offshore China while it drilled six successful appraisal wells overseas. The four projects scheduled to come on stream for the year have been running smoothly. Of which, Kenli 10-4 oilfield and Panyu 11-5 oilfield have commenced production and the other two new projects are progressing smoothly. 

Benefiting from the effective implementation of cost control and efficiency enhancement, the Company made remarkable achievements in cost saving in the first half of the year, with key cost indicators lowered significantly. The Company's all-in cost was US$34.86 per barrel of oil equivalent (BOE), a decrease of 15.5% year-on-year (yoy). Of which, operating cost decreased by 22.7% yoy to US$7.42 per BOE and recorded a decrease yoy for both offshore China and overseas operations.

During the period, the Company's total net oil and gas production reached 241.5 million BOE, representing an increase of 0.6% yoy. Net production from offshore China was 160.1 million BOE, with an increase of 2.4% yoy, mainly attributable to the newly commenced projects in Bohai and Western South China Sea. Net production from overseas decreased by 2.9% to 81.5 million BOE, resulting from the shutdown of the Long Lake project by the impact of the incident.

Impacted by the decline of international oil prices, the Company's average realized oil price was US$37.70 per barrel in the first half of 2016, representing a decline of 34.5% yoy. The average realized natural gas price dropped by 16.2% yoy to US$5.49 per thousand cubic feet, mainly due to the downward adjustment of natural gas prices by the Chinese government in the second half of last year which led to price cuts of some of the gas fields in offshore China. The Company's oil and gas sales revenue were RMB55.08 billion, representing a decline of 28.5% yoy. Net loss was RMB7.74 billion.

Mr. Yang Hua, Chairman and CEO of the Company, said, "In view of the challenges from the external environment, the Company strives to further enhance its industry know-how and introduce innovative work methods and achieved steady progress in all businesses, with the target of cost control and efficiency enhancement. Keeping modest, we will continue to identify areas for improvement and keep on learning, in order to enhance the first-class competitiveness at the international level. We will strengthen, improve and expand the Company to create greater value for our shareholders."  

In the first half of the year, the Company's basic loss per share reached RMB0.17. The Board has declared an interim dividend of HK$0.12 per share (tax inclusive) for 2016.

HONG KONG, April 28, 2016 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its key operational statistics for the first quarter of 2016.

The Company achieved total net production of 124.3 million barrels of oil equivalent ("BOE") for the first quarter of 2016, representing an increase of 5.1% year over year ("YoY"), mainly attributable to the production contribution from new projects in offshore China that commenced production during 2015.

For the first quarter of 2016, the Company made 3 new discoveries and drilled 4 successful appraisal wells offshore China, among which we successfully appraised Caofeidian 12-6 oil and gas structure. The Company also drilled three successful appraisal wells overseas.

For the projects planned to commence production this year, Kenli 10-4 oilfield and Panyu 11-5 oilfield have commenced production, and the other projects progressed smoothly.

During the period, the unaudited oil and gas sales revenue of the Company reached approximately RMB24.64 billion, representing a decrease of 30.7% YoY, mainly due to the sharp decrease in international oil prices. The Company's average realized oil price decreased 39.1% YoY to US$32.54 per barrel while the average realized gas price was US$5.69 per thousand cubic feet, down 14.8% YoY.

For the first quarter of 2016, the Company's capital expenditure reached approximately RMB9.69 billion, representing a decrease of 39.2% YoY, mainly because the Company further decreased capex budget for the whole year to reflect low oil price environment.

Mr. Li Fanrong, CEO of the Company commented, "Despite the changing industry environment and the challenges resulting from low oil prices, the Company achieved stable results for production and operation in the first quarter. Going forward, we will continue with our operating strategies under the low oil price environment, intensify reform and innovation, and reinforce the sustainable development of the Company."

HONG KONG, March 24, 2016 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2015 annual results for the year ended December 31, 2015.

In 2015, the Company maintained an intensive exploration program and made significant achievements in oil and gas exploration while lowering exploration capital expenditures. During the year, the Company made 16 new discoveries and successfully appraised 23 oil and gas structures. In offshore China, the Company made  independent new discoveries including mid-to-large sized structure Liuhua 20-2, and successfully appraised a number of mid-to-large sized oil and gas structures such as Caofeidian 6-4. Overseas, we obtained new discoveries in Algeria and Nigeria, and successfully appraised three oil and gas structures including Libra in Brazil. Due to the low oil price, the Company's reserve replacement ratio was 67% for the year. As at the end of 2015, the Company's net proved reserves were approximately 4.32 billion barrels of oil equivalent (BOE).

The Company successfully met its annual oil and gas production target, with net oil and gas production reaching 495.7 million BOE, an increase of 14.6% year-over-year (yoy). The seven projects planned for 2015 have commenced production smoothly with many of them coming on stream ahead of schedule, demonstrating once again the Company's outstanding competence in project management.

During the year, the Company continued to proactively promote the "Year of Quality and Efficiency" program. The Company stimulated its operational vitality through management innovations and effectively lowered operating costs by utilizing market mechanisms. The Company has embarked on the path for future growth through innovation in technology. We established a long-term mechanism to optimize our cost structure, thereby laying a solid foundation to offset the challenges posed by low oil price.

In 2015, the Company's average realized oil price was US$51.27 per barrel, a decrease of 46.6% yoy, while the average realized natural gas price was US$6.39 per thousand cubic feet, a decline of 0.8% yoy. In addition, the Company's oil and gas sales revenue was RMB146.6 billion, representing a decline of 32.8% yoy. Due to the efforts of the lowering costs and enhancing efficiency program, the Company's all-in cost decreased by 5.9% yoy to US$39.82 per BOE, representing a cost decline for the second consecutive year. The net profit declined by 66.4% yoy to RMB20.25 billion.

In 2015, the Company's capital expenditures were RMB66.5 billion, representing a decrease of 37.9% yoy.

In 2015, the Company's basic earnings per share was RMB0.45. The Board of Directors have proposed a year-end dividend of HK$0.25 per share (tax inclusive).

Mr. Yang Hua, Chairman of CNOOC Limited, said, "In 2015, the Company achieved satisfactory results in different areas of business notwithstanding the significantly lower capital expenditure. Looking ahead, the Company may face more complex and challenging production and operating environment. We will continue to adjust our business strategy and intensify the activities for the 'Year of Quality and Efficiency' program. We will endeavor to allow more space for growth through reform and innovation, and to consolidate our achievements through improved systems and policies, so as to ensure the sustainable growth of the Company."

HONG KONG, Jan. 19, 2016 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its business strategy and development plan for the year 2016.

The Company's net production target for 2016 is in the range of 470-485 million barrels of oil equivalent (BOE), of which approximately 66% and 34% are produced in China and overseas respectively. The net production targets set for 2017 and 2018 are around 484 and 502 million BOE respectively. The estimated net production for 2015 was approximately 495 million BOE.

There will be 4 new projects coming on stream, including the Kenli 10-4, Panyu 11-5, Weizhou 6-9/6-10 oilfield comprehensive adjustment and Enping 18-1. Currently, nearly 20 projects are under construction.

Within the year, we plan to drill around 115 exploration wells and acquire approximately 10 thousand kilometers of 2-Dimensional (2D) seismic data as well as approximately 14 thousand square kilometers of 3-Dimensional (3D) seismic data.

The Company's total capital expenditure for 2016 will be no more than RMB60.0 billion. Of that amount, the capital expenditures for exploration, development and production will account for around 19%,64% and 13% respectively. The Company expects to achieve the whole-year targets by cost control and efficiency enhancement despite the lower capital expenditure.

Mr. Zhong Hua, CFO of the Company, commented: "In response to the continued challenge posed by low oil prices, we will maintain prudent financial policy and further strengthen cost-control measures in order to make steady progress in the overall business, including exploration, development and production."

Mr. Li Fanrong, CEO of the Company, commented: "Faced with an increasingly complicated operating environment in 2016, the Company will fully utilize market mechanisms and combine innovations in technology and management in order to reduce costs and enhance efficiency. In addition, the Company will ensure an appropriate balance between short-term returns and long-term growth to promote a steady and healthy development."

HONG KONG, Dec. 3, 2015 /PRNewswire/ --

Block 15/33 is located in the Pearl River Mouth Basin of the South China Sea. The block covers a total area of 155 square kilometers with a water depth of 80-100 meters, the block is one of the blocks CNOOC offered for foreign cooperation in 2014.

According to the terms of the PSC, Husky shall act as the operator during the exploration period and conduct exploration activities in the block mentioned above, in which all expenditures incurred will be borne by Husky. Once entering the development phase, CNOOC has the right to participate in up to 51% of the working interest in any commercial discoveries of the block. After signing the above-mentioned PSC, except for those relating to CNOOC's administrative functions, CNOOC will assign all of its rights and obligations under PSC to CNOOC China Limited, a subsidiary of CNOOC Limited.

HONG KONG, Oct. 28, 2015 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its key operational statistics for the third quarter of 2015.

In the third quarter, the Company achieved a total net production of 127.5 million barrels of oil equivalent (BOE), representing a significant increase of 23.8% year over year (yoy). Net production from offshore Chinareached 83.3 million BOE, a 28.2% yoy increase, primarily due to the production contribution from newly commenced projects in Bohai and the Eastern South China Sea. Meanwhile, net production from overseas rose 16.5% yoy to 44.3 million BOE, mainly because of maintenance at the Buzzard oilfield during the same period last year and new production from the Golden Eagle project in the U.K. North Sea.

During the period, the Company made 3 new discoveries and drilled fourteen successful appraisal wells in offshore China. The Caofeidian 6-4 structure was successfully appraised and proved to be a mid-sized oilfield, which represents a significant breakthrough after several years of oil and gas exploration in western Bohai. The new discovery of Liuhua 21-2 further demonstrated the exploration potential of Baiyun Sag in Pearl River Mouth basin and is expected to be developed jointly with adjacent oil structures in the area, including Liuhua 20-2. In the third quarter, the Luda 10-1 oilfield comprehensive adjustment project commenced production, while other projects progressed smoothly.

In the third quarter, the unaudited oil and gas sales revenue of the Company reached approximatelyRMB36.25 billion, representing a decline of 32.3% yoy. The Company's average realized oil price declined by 50.7% yoy to US$48.84 per barrel, while the average realized natural gas price declined by 3.0% yoy toUS$6.41 per thousand cubic feet.

Facing a low oil price environment, the Company continued to lower costs and enhance efficiency, in addition to decreasing its full-year capital expenditures. During the period, the Company reduced its capital expenditures by 44.0% yoy to approximately RMB14.75 billion.

Mr. Li Fanrong, CEO of the Company commented, "In the third quarter, the Company made smooth progress in overall business, including exploration, development and production. Our cost controls and enhanced efficiency measures were executed effectively and achieved remarkable results as we aimed to proactively respond to the impact of low oil prices. Meanwhile, we are confident that we will achieve our production and operation targets for the year."

HONG KONG, Aug. 26, 2015 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its interim results for the six months ended June 30, 2015.

In the first half of the year, the Company ensured spending in exploration in its core area offshore China, and prioritized mature areas and rolling areas to improve utilization of exploration resources. The Company made six new discoveries and drilled 21 successful appraisal wells. In offshore China, the Company made a mid-sized light crude oil discovery in Eastern South China Sea, namely Liuhua 20-2, which is expected to facilitate the joint development with the adjacent Liuhua 16-2 and Liuhua 23-1 oil and gas structures. The Company also made a mid-sized discovery in Bohai, namely Penglai 20-2.

Benefiting from the lowering costs and enhancing efficiency program, of the seven projects scheduled to come on stream in 2015, the Jinzhou 9-3 oilfield comprehensive adjustment, Bozhong 28/34 oilfields comprehensive adjustment, Kenli 10-1 oilfield, Dongfang 1-1 gas field phase one adjustment and Luda 10-1 oilfield comprehensive adjustment have successfully commenced production, and several came on stream ahead of schedule and under budget. The other two new projects are progressing smoothly.

During the period, the Company changed the performance evaluation system to motivate subsidiaries to implement more stringent cost control mechanisms, optimized management mechanisms and conducted special programs to reduce operation costs, and fully utilized the market mechanism to lower the costs of services and supplies. These initiatives allowed the Company to effectively control its costs. The Company's all-in cost was US$41.24 per barrel of oil equivalent (BOE), down 4.5% year-on-year (yoy), while operating cost was US$9.60 per BOE, down 18.5% yoy.

For the first half of the year, the Company's total net oil and gas production reached 240.1 million BOE, up 13.5% yoy, primarily due to the production contribution from newly commenced projects in Bohai and the Eastern South China Sea. Production from offshore China rose by 19.1% yoy to 156.3 million BOE and production from overseas was 83.9 million BOE, up 4.4% yoy. The Company's 2015 full year production target of 475-495 million BOE remains unchanged.

The Company's average realized oil price was US$57.53 per barrel in the first half of 2015, representing a decline of 45.9% yoy, while the average realized natural gas price rose by 1.7% yoy to US$6.55 per thousand cubic feet. Due to the substantial decline in realized oil prices, the Company's oil and gas sales revenue were RMB77.03 billion, representing a decline of 34.2% yoy, and net profit fell 56.1% yoy to RMB14.73 billion.

Mr. Yang Hua, Chairman of the Company, said, "In view of the challenges from the external environment, staff at all levels of the Company worked hand in hand, made further progress in our focus on the "Year of Quality and Efficiency" program and achieved favourable results. We will fortify our confidence about the future, remain steadfast in implementing our established strategy, and pursue high-quality, effective and sustainable development." 

Mr. Li Fanrong, CEO of the Company, said, "In the first half of 2015, the Company made tremendous efforts to reduce costs and enhance efficiency. As a result of these initiatives, our exploration, development and production activities have maintained stable growth, and major financial indicators remained healthy. In the second half of the year, we will effectively execute the year's operational strategy under the guidance of the Company's growth strategy, proactively deal with the adverse environment of low oil prices and ensure that all annual production and operation targets for the year are achieved."

In the first half of the year, the Company's basic earnings per share reached RMB0.33. The Board has declared an interim dividend of HK$0.25 per share (tax inclusive).

HONG KONG, Aug. 19, 2015 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed two production sharing contracts (PSCs) with Roc Oil (China) Company (ROC) for Blocks 16/07 and 03/33 in the South China Sea.

The two blocks mentioned above are located in the Pearl River Mouth Basin in the South China Sea. Block 16/07 covers a total area of 2,743 square kilometers and has a water depth of approximately 100 meters. Block 03/33 covers a total area of 2,367 square kilometers and has a water depth of 65-145 meters.

According to the terms of the PSCs, ROC shall act as the operator during the exploration period and conduct exploration activities in the two blocks mentioned above, in which all expenditures incurred will be borne by ROC. Once entering the development phase, CNOOC has the right to participate in up to 51% of the working interest in any commercial discoveries of the blocks. After signing the above-mentioned PSCs, CNOOC will assign all of its rights and obligations under such contracts, except for those relating to CNOOC's administrative functions to CNOOC China Limited, a subsidiary of CNOOC Limited.

HONG KONG, July 21, 2015 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced that the Luda 10-1 comprehensive adjustment project has commenced production.

The Luda 10-1 oilfield is located in Liaodong Bay of Bohai with an average water depth of approximately 30 meters. In addition to fully utilize the existing facilities of Luda 10-1, this adjustment project has also built one wellhead platform. There are currently 13 producing wells producing approximately 3,300 barrels of crude oil per day. The adjustment project is expected to reach its ODP designed peak production of approximately 6,000 barrels of crude oil per day in 2016.

The Luda 10-1 is an independent oilfield in which the Company holds 100% interest and acts as the operator.

HONG KONG, April 28, 2015 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced on April 28, 2015 (New York time) the pricing of an offering of US$3,800,000,000 aggregate principal amount of guaranteed notes. The offering consists of US$1,500,000,000 of 2.625% guaranteed notes due 2020 (the "2020 Notes"), US$2,000,000,000 of 3.500% guaranteed notes due 2025 (the "2025 Notes"), and US$300,000,000 of 4.200% guaranteed notes due 2045 (the "2045 Notes"). The 2020 Notes and 2045 Notes (collectively, the "Australian Issuer Notes") will be issued by CNOOC Finance (2015) Australia Pty Ltd, an indirect wholly-owned subsidiary of the Company incorporated in Victoria, Australia, and the 2025 Notes (the "Delaware Issuer Notes") will be issued by CNOOC Finance (2015) U.S.A. LLC, an indirect wholly-owned subsidiary of the Company formed in Delaware, U.S.A. The Australian Issuer Notes and the Delaware Issuer Notes are collectively referred to as the Notes.  The Notes will be guaranteed by the Company.

CNOOC Limited

(incorporated with limited liability in Hong Kong)

 
 
The % Guaranteed Notes due 2020 (the “2020 Notes”) and the % Guaranteed Notes due 2045 (the “2045 Notes”) will be issued in initial aggregate principal amounts of US$ and US$ , respectively, by CNOOC Finance (2015) Australia Pty Ltd (the “2015 Australian Issuer”). The % Guaranteed Notes due 2025 (the “2025 Notes”) will be issued in initial aggregate principal amounts of US$ , by CNOOC Finance (2015) U.S.A. LLC (the “2015 Delaware Issuer,” and together with the 2015 Australian Issuer, the “2015 Issuers,” or each a “2015 Issuer”). We refer to the 2020 Notes and the 2045 Notes in this prospectus supplement collectively as the “Australian Issuer Notes.” The Australian Issuer Notes will be the direct, unconditional, unsubordinated and unsecured obligations of the 2015 Australian Issuer, unconditionally and irrevocably guaranteed by CNOOC Limited (the “Company”). The 2025 Notes are referred to in this prospectus supplement as the “Delaware Issuer Notes” (and together with the Australian Issuer Notes, the “Notes”). The Delaware Issuer Notes will be the direct, unconditional, unsubordinated and unsecured obligations of the 2015 Delaware Issuer, unconditionally and irrevocably guaranteed by the Company. We refer to the guarantees by the Company as the “Guarantees.”

The 2020 Notes will bear interest from , 2015 at the rate set forth above, payable semi-annually in arrears on and of each year, commencing , 2015. The 2025 Notes will bear interest from , 2015 at the rate set forth above, payable semi-annually in arrears on and of each year, commencing , 2015. The 2045 Notes will bear interest from , 2015 at the rate set forth above, payable semi-annually in arrears on and of each year, commencing , 2015.

HONG KONG, April 24, 2015 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its key operational statistics for the first quarter of 2015.

Total net production in the first quarter of 2015 increased 9.4% year over year ("YoY") to 118.3 million barrels of oil equivalent ("BOE"), primarily due to the production contribution from new projects that came on stream in offshore China since 2014.

In the first quarter, the Company made 3 new discoveries. In offshore China and overseas, the Company made 9 and 3 successful appraisal wells, respectively. In offshore China, the new discovery Penglai 20-2 is expected to drive the joint development with the adjacent Penglai 20-3 oil field. After successful appraisals, the Bozhong 34-9 oil and gas structure is expected to be developed into a mid-sized oil and gas field.

Jinzhou 9-3 comprehensive adjustment project and Kenli 10-1 oil field commenced production as scheduled in 2015, while other projects progressed smoothly.

During the period, the unaudited oil and gas sales revenue of the Company were approximately RMB35.54 billion, a decrease of 39.9% YoY, due to the sharp decline in international oil prices. The Company's average realized oil price decreased by 49.0% YoY to US$53.40 per barrel while the average realized gas price increased by 5.5% YoY to US$6.68 per thousand cubic feet.

Facing the challenges created by low oil prices, the Company continued to lower costs and enhance efficiency, and adjusted its operating strategy by decreasing capital expenditures. In the first quarter, the Company's capital expenditures decreased by 15.7% YoY to approximately RMB15.94 billion.

Mr. Li Fanrong, CEO of the Company commented, "Under the harsh circumstances, the Company's overall production and operations remained stable in the first quarter. Our cost control and enhanced efficiency measures were executed effectively and achieved good results. We will continue to strengthen our internal operations management, exercise strict cost control and enhance efficiency to proactively respond to the impact of low oil prices and to effectively promote various production and operational plans."

HONG KONG, March 27, 2015 /PRNewswire/ --  CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its 2014 annual results for the year ended December 31, 2014.

In 2014, the Company achieved various breakthroughs in exploration and the reserve replacement ratio for the year was 112%. Benefitting from the Company's innovations in "thinking outside the box", technology and management, the Company made 20 new commercial discoveries and appraised 18 oil and gas structures successfully. In the Western South China Sea, the milestone deepwater gas discovery Lingshui 17-2 marks a breakthrough in our independent deepwater exploration. A number of mid-to-large sized crude oil discoveries were made in Bohai, and at the end of 2014, the Company's net proved reserves were approximately 4.48 billion barrels of oil equivalent ("BOE"), laying a solid foundation for the Company's sustainable development.

Last year, the Company achieved outstanding performance in development and production as oil and gas projects came on stream at a strong pace. A total of 13 new projects commenced production in succession. Including the Golden Eagle project in the UK North Sea, many of the new projects came on stream ahead of schedule and under budget. At the beginning of the year, the first large-scale deepwater gas field Liwan 3-1 successfully delivered first production, representing a new breakthrough for the Company's deepwater oil and gas field development. In 2014, net oil and gas production reached 432.5 million BOE, an increase of 5.1% year-over-year ("yoy"), meeting the production target set at the beginning of the year.

In overseas development, the Company's integration with Nexen made remarkable progress and other overseas operations also progressed smoothly. All of Nexen's assets performed well as evidenced by Buzzard production exceeding target for the second year in a row with high production efficiency and increasing production efficiency for the oil sands project at Long Lake in Canada.

During the period, our financial statements reflected that lowering costs and enhancing efficiency program achieved expected outcomes. The Company proactively promoted "the Year of Quality and Efficiency" program throughout the year to review and strengthen cost-control measures. Under this program, the Company continued to streamline the management flow in exploration, development and production, and to lower costs for projects under construction. The Company also strengthened the integration of exploration and development, and improved efficiencies for oil and gas fields.

In 2014, the Company's average realized oil price was US$96.04 per barrel, a decrease of 8.2% yoy, while the average realized natural gas price was US$6.44 per thousand cubic feet, an increase of 11.4% yoy. In addition, the Company's oil and gas sales revenue were RMB218.21 billion, representing a decline of 3.6% yoy. The Company's all-in cost was US$42.30 per BOE, a decrease of 6.0% yoy, and net profit amounted to RMB60.20 billion, an increase of 6.6% yoy.

In 2014, the Company's capital expenditures were RMB107.0 billion, representing an increase of 17.7% yoy.

Mr. Li Fanrong, CEO of the Company, said, "In 2014, the entire Company focused on cost control, which effectively improved production and operational efficiency, helped the Company meet its various targets set at the beginning of the year, and laid a solid foundation for the Company's sustainable development in response to the impact of low oil prices. In 2015, the Company will adjust its operating strategy to adapt to a more complex and changing environment in order to meet all the targets for the year."

In 2014, the Company's basic earnings per share was RMB1.35. The Board of Directors have proposed a year-end dividend of HK$0.32 per share (tax inclusive).

Mr. Wang Yilin, Chairman of CNOOC Limited, said, "2014 was a particularly challenging year for the Company. Faced with different challenges, we have maintained our confidence, worked hand in hand to map out our long-term strategy and tackled our immediate problems in order to achieve solid growth in different areas of our business. This year, we will continue to promote the 'New Leap Forward' strategy, proactively carry out innovative measures, and enhance quality and efficiency in order to build a solid foundation for our long-term development."

HONG KONG, Feb. 10, 2015 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed two production sharing contracts (PSCs) with SK Innovation Co., Ltd. (SK) for Blocks 04/20 and 17/03 in the South China Sea.

The two blocks mentioned above are located in the Pearl River Mouth Basin. Block 04/20 covers a total area of 5,138 square kilometers and has a water depth of 50-100 meters. Block 17/03 covers a total area of 7,686 square kilometers and has a water depth of 50-100 meters. Both blocks are included in CNOOC's Open Blocks in Offshore China for the year 2012.

According to the terms of the PSCs, SK shall act as the operator of the two blocks mentioned above. The exploration costs required for the exploration operations will be borne by CNOOC and SK in a proportion of 20% and 80% of participating interest, respectively. Both parties will conduct 2D seismic data surveys and will drill exploration wells. Once entering the development phase, CNOOC  has the right to participate in up to 60% of the working interest in any commercial discoveries in the blocks. After signing the above-mentioned PSCs, CNOOC will assign all of its rights and obligations under such contracts, except for those relating to CNOOC's administrative functions to CNOOC China Limited, a subsidiary of CNOOC Limited.

HONG KONG, Feb. 3, 2015 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its business strategy and development plan for the year 2015.

The Company's net production target for 2015 is in the range of 475 to 495 million barrels of oil equivalent (BOE), of which production from China and overseas accounts for approximately 67% and 33% respectively. The net production targets set for 2016 and 2017 are around 509 and 513 million BOE respectively. The estimated net production for 2014 is approximately 432 million BOE.

There will be 7 new projects coming on stream, including the Jinzhou 9-3 comprehensive adjustment project which already commenced production. Both the Kenli 10-1 project and the Bozhong 28/34 comprehensive adjustment project located in Bohai are expected to reach peak production of around 36 and 30 thousand BOE per day respectively.

Within the year, we plan to drill around 162 exploration wells and acquire approximately 36 thousand kilometers of 2-Dimensional (2D) seismic data as well as approximately 14 thousand square kilometers of 3-Dimensional (3D) seismic data. The reserve replacement ratio (RRR) is targeted at over 100%.

The total capital expenditure budget is in the range of RMB70 billion to 80 billion in 2015 with a decrease of 26-35% over the estimated realized capital expenditure for 2014, among which the capital expenditures for exploration, development and production account for around 21%, 67% and 10% respectively. The Company expects to achieve all of its annual targets by cost control and efficiency enhancement despite the lower capital expenditure.

Mr. Zhong Hua, CFO of the Company, commented, "In response to challenges from falling oil prices, we will control our costs and strive for the effective implementation of our capital expenditure plan in order to improve the overall performance of the Company."

Mr. Li Fanrong, CEO of the Company, commented, "Facing the complicated and highly volatile macro environment in 2015, the Company will continue to strengthen the management of internal operations and make efforts to meet annual operational targets. Meanwhile, the Company will ensure an appropriate balance between short-term return and long-term development, and implement prudent capital investment plan in order to continuously carry out its 'New Leap Forward' strategy."

HONG KONG, Jan. 6, 2015 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announces that the Company has successfully made a new mid-to-large sized natural gas discovery Lingshui 25-1 on the independent deepwater exploration.

The Lingshui 25-1 structure is located in the northeast of Ledong Sag in Qiongdongnan Basin of South China Sea, with an average water depth of about 980 meters. The discovery well Lingshui 25-1-1 was drilled and completed at a depth of about 4,000 meters and encountered the oil and gas pay zone with a total thickness of about 73 meters. The well was tested to produce about 35.6 million cubic feet of natural gas and 395 barrels of oil per day.

Lingshui 25-1 is another mid-to-large sized natural gas discovery following Lingshui 17-2 that the Company made on independent deepwater exploration. The new discovery has not only opened up a new exploration chapter in deepwater area of northern South China Sea, but also further proven the good exploration prospects in deepwater area of Qiongdongnan Basin.

HONG KONG, Dec. 10, 2014 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation ("CNOOC"), has signed three production sharing contracts (PSCs) with KUFPEC (China) Inc. ("KUFPEC") for Blocks 52/22, 52/26 and 63/13 in the South China Sea.

The three blocks mentioned above are located in the Yinggehai Basin of the South China Sea. Block 52/22 covers a total area of 1,896 square kilometers, and has a water depth of 60-300 meters; Block 52/26 covers a total area of 1,783 square kilometers, and has a water depth of 80-160 meters; Block 63/13 covers a total area of 698 square kilometers, and has a water depth of 80-140 meters.

According to the terms of the PSCs, CNOOC shall act as the operator of the three blocks mentioned above. Expenditures incurred during the exploration period will be borne by CNOOC and KUFPEC in a proportion of 20% and 80% of participating interest, respectively. Both parties will conduct 3D seismic data surveys and will drill exploration wells. Once entering the development phase, CNOOC  has the right to participate in up to 70% of the working interest in any commercial discoveries in the blocks. After signing the abovementioned PSCs, CNOOC will assign all of its rights and obligations under such contracts, except for those relating to CNOOC's administrative functions, to CNOOC China Limited, a subsidiary of CNOOC Limited.

HONG KONG, Nov. 3, 2014 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced that the Golden Eagle Area Development (GEAD) in the UK North Sea commenced production.

The GEAD includes development of the Golden Eagle, Peregrine and Solitaire fields. The fields are located in blocks 20/1S, 20/1N and 14/26a of the North Sea, and are located 70km northeast of Aberdeen, with an average water depth ranging from 89-139 meters.

The development comprises separate production and wellhead platforms and two subsea production systems. A total of 15 production wells and 6 water injection wells will eventually be drilled from these facilities. Currently there are two Golden Eagle wells producing approximately 18,000 barrels of oil per day. The project is expected to reach its peak production rate of approximately 70,000 barrels of oil per day in 2015.

Mr. Li Fanrong, CEO of the Company commented, "GEAD was delivered on schedule, on budget, and to world-class safety standards. The GEAD supported in excess of 2,500 jobs in the UK and makes a significant production contribution to the company in the near future."

Nexen Petroleum U.K. Ltd. ("Nexen UK"), a wholly-owned subsidiary of the Company, is the operator of the GEAD and has 36.54% interest. The remaining interests are held by Maersk Oil North Sea UK Ltd. (31.56%), Suncor Energy UK Ltd. (26.69%) and Edinburgh Oil and Gas Ltd (5.21%).

HONG KONG, Oct. 29, 2014 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its key operational statistics for the third quarter of 2014.

In the third quarter, the Company achieved total net production of 103.0 million barrels of oil equivalent ("BOE"), basically flat year-on-year (YoY). Production growth in Bohai offshore China remained steady, while overseas production fell slightly primarily due to scheduled maintenance at the Buzzard oilfield in the UK North Sea.

During the period, the Company made 1 new discovery and drilled 9 successful appraisal wells in offshore China including the mid-to-large sized discovery Jinzhou 23-2 that has excellent reservoir quality. Following the successful appraisal of Luda 21-2 structure, it is expected to be developed into a large-sized oilfield. In addition, 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 oil price was US$98.98 per barrel, down 6.8% 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.

Mr. Li Fanrong, CEO of the Company commented, "In the third quarter, the Company made significant exploration progress. The new discovery of Jinzhou 23-2 and successful appraisal of Luda 21-2 will facilitate our future production and reserves growth. Meanwhile, we are confident of meeting our annual major operational goals."

HONG KONG, Oct. 22, 2014 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced a large-sized deepwater gas discovery Leopard offshore Gabon, West Africa.

The well Leopard-1 is located in license BCD10, around 145 kilometers from the Gabonese coast. The well was drilled at a total depth of 5,063 meters with a water depth of 2,110 meters, and encountered the gas pay zones in a pre-salt reservoir with net pay around 200 meters.

Shell has 75% interest of the discovery and acts as the Operator. CNOOC Limited has the other 25% interest.

HONG KONG, Aug. 28, 2014 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its interim results for the six months ended June 30, 2014.

• For the first half of the year, the Company's total net oil and gas production reached 211.6 million barrels of oil equivalent (BOE), up 6.8% year-on-year (yoy), with 36.3 million BOE contributed by Nexen.
• The Company's average realized oil price was US$106.30 per barrel in the first half of 2014, representing an increase of 2.0% yoy, while average realized gas price rose 13.5% yoy to US$6.44 per thousand cubic feet.
• Benefited from the growth of net oil and gas production and increase in realized oil and gas prices, the Company recorded RMB117.1 billion in oil and gas sales revenue, a yoy increase of 5.7%; meanwhile, net profit fell 2.3% yoy to RMB33.59 billion.
• In the first half of 2014, the Company's all-in cost was US$43.20 per BOE, up slightly by 2.0 % yoy, while operating cost was US$11.78 per BOE, up 7.0 % yoy, mainly attributable to the consolidation of two more months of Nexen's performance.

In the area of exploration, the Company made 9 new discoveries and 23 successful appraisal wells. Among them, Lingshui 17-2, discovered by "Haiyangshiyou 981", was successfully tested and is expected to become the first large-sized deepwater gas field made by our independent exploration activities. While Luda 16-3 South structure is expected to become a mid-sized discovery after appraisal, Kenli 16-1 structure uncovers the good exploration potential of southern slope of Laizhou Bay Sag in Bohai. Kenli 3-2 oilfields, Panyu10-2/5/8 project and Wenchang 13-6 oilfield have commenced production within the year as scheduled while other projects are progressing accordingly.

During the period, the Company continued to advance the integration of Nexen, especially in the areas of management, resources development and corporate culture. Nexen's safety and environmental protection achieved best performance in its history in the first half of 2014. Production efficiency of Buzzard oilfield in the UK North Sea was further enhanced, while production and operation of Long Lake oil sands project achieved significant improvement. The progress of integration reached the Company's expectation.

Mr. Wang Yilin, Chairman of the Company, said, "In the first half of 2014, the Company has executed its 'New Leap Forward' strategy in a solid way and achieved satisfactory results. We will endeavor to strengthen our management, enhance the growth quality and efficiency of the Company to create greater value for our shareholders."

Mr. Li Fanrong, CEO of the Company commented, "During the first half of 2014, we have actively pushed ahead different areas of our business. Good progress was made in the production and operation and a healthy financial position was maintained. In the second half of the year, we will continue to work diligently to ensure that we meet our annual production and business targets."

In the first half of the year, the Company's basic earnings per share reached RMB0.75. The Board has declared an interim dividend of HK$0.25 per share (tax inclusive).

HONG KONG, July 31, 2014 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that its Panyu 10-2/5/8 project has commenced production.

Panyu 10-2/5/8 project is located in the Pearl River Mouth Basin of the South China Sea with an average water depth of approximately 100 meters. This project includes 3 oilfields, Panyu 10-2, Panyu 10-5 and Panyu 10-8 and was designed to share some facilities of Panyu 4-2 oilfield. The main newly-built production facilities include 1 wellhead platform and 9 producing wells. Currently there are 4 wells producing approximately 9,000 barrels per day, and the project is expected to hit its peak production of approximately 13,000 barrels per day in 2015.

Panyu 10-2/5/8 is an independent project in which the Company holds 100% interest.

HONG KONG, June 20, 2014 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC) has signed production sharing contract (PSC) with Eni China B.V. (Eni) for the Block 50/34 in South China Sea.

Block 50/34 is located in the Qiongdongnan Basin of offshore Hainan Island with a total area of 2,000 square kilometers, is one of the blocks CNOOC offered for foreign cooperation in 2012.

According to the terms of the contract, Eni will conduct 3D seismic survey and drill exploration well in Block 50/34 during the 6.5 years exploration period. All expenditures incurred during the exploration period will be borne by Eni. CNOOC Limited has the right to participate in up to 51% working interest in any commercial discoveries in the block.

HONG KONG, May 12, 2014 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) today 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.

YANTAI, China, May 1, 2014 /PRNewswire/ -- Jereh Group (SZ 002353), a world-leading oil and gas equipment manufacturer and engineering services provider, announced that it successfully won the bid to provide CNOOC (NYSE: CEO), the largest producer of offshore crude oil and natural gas in China and one of the largest independent oil and gas exploration and production companies in the world, with compressor packages for its offshore projects.

A total of Jereh's six compressor packages, each two under high, medium and low pressure conditions, will be used in CNOOC offshore projects. Compared with onshore equipment, offshore equipment has higher requirements for more integrated systems, more complex structures, greater equipment density and more technology difficulty. To this end, Jereh made a mass of custom design and specialized manufacturing processes for them.

For example, in-depth analysis of torsional vibration and pulsation for offshore operation are made to meet CNOOC's high vibration index standard; highly compact design to save space; special component materials to avoid ocean salt spray corrosion; titanium alloy water cooler for anti-corrosion.

As China's largest imported compressor packager, Jereh gas compressing solutions has been widely used including underground gas injection and production, gas gathering station, fuel gas pressuring for gas engines, acid gas injection, extraction and collection of landfill gas and coal gas, CNG fueling system, LNG plants and chemical plants, etc. In August 2013, the first high-power, high-speed reciprocating compressor package exported to Europe was developed by Jereh for Botas' Lake Tuz underground natural gas storage project in Turkey.

In addition, Jereh has made investments on LNG since 2004 to let the whole world enjoy clean energy and a green environment. Jereh has developed into an industry-wide chain for gas exploration, purification, liquefaction, transportation and end-use application of fueling stations. By means of mature technology, Jereh provides customers with customized engineering solutions to maximize their operations and the future.

CALCULATION OF REGISTRATION FEE

CNOOC Limited Announces Proposed Offering of Guaranteed Notes

CNOOC Limited (the “Company”, NYSE: CEO, SEHK: 00883, TSX: CNU) announced on April 23, 2014 (Hong Kong time) that it intended to offer, subject to market and other conditions, guaranteed notes (the “Notes”) in three series. The Notes will be issued by CNOOC Nexen Finance (2014) ULC, an indirect wholly owned subsidiary of the Company incorporated in Nova Scotia, Canada, and be guaranteed by the Company. The proceeds are intended to be used in part to repay all or part of the outstanding borrowings of our wholly-owned subsidiary Nexen Energy ULC under the US$2.0 billion facility agreement dated February 15, 2014. The remaining proceeds from this offering, if any, will be used for general corporate purposes.

Application has been made to The Stock Exchange of Hong Kong Limited for listing of, and permission to deal in, the Notes. Listing of the Notes on The Stock Exchange of Hong Kong Limited is not to be taken as an indication of the merits of the Notes, the Company or CNOOC Nexen Finance (2014) ULC.

BOCI Asia Limited, Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank AG, Singapore Branch, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities LLC, Morgan Stanley & Co. International plc and UBS AG, Hong Kong Branch will act as joint lead managers and joint bookrunners for the offering.

HONG KONG, Jan. 14, 2014 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that Liuhua 19-5 gas field has recently commenced production.

Liuhua 19-5 is located in the Pearl River Mouth Basin of the South China Sea with an average water depth of about 185 meters. This project was designed to share the existing producing facility of Panyu 30-1 gas field, and two new producing wells were drilled. Liuhua 19-5 is expected to hit its peak production of 29 million cubic feet per day in year 2014.

Liuhua 19-5 is an independent oil field in which the Company holds 100% interest and acts as the Operator.

HONG KONG, Nov. 12, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced today that its wholly-owned subsidiary Nexen Energy ULC (Nexen), has entered into an exclusive agreement with the Government ofBritish Columbia, Canada to examine the viability of constructing a liquefied natural gas (LNG) plant and export terminal at Grassy Point near Prince Rupert, British Columbia, Canada.

The agreement with the Government of British Columbia, represented by the Ministry of Forests, Lands and Natural Resource Operations, grants Nexen and its joint venture partners INPEX Corporation and JGC Corporation, the exclusive right to pursue long-term access to Crown land at Grassy Point.

"LNG export is the most attractive option for maximizing the value of our Canadian shale gas business," said Li Fanrong, CEO of CNOOC Limited. "With robust financial capacity, a track record of efficient, innovative and responsible development and significant LNG expertise, Nexen and our joint venture partners are well positioned to pursue this opportunity." 

In addition to assessing the suitability of the Grassy Point site, the decision to proceed with LNG development is subject to a variety of internal and external approvals. Financial attractiveness is dependent on acceptable cost estimates, fiscal terms and obtaining acceptably-priced sales agreements.  

"We have a long process ahead that includes a site viability review, a comprehensive environmental impact assessment and stakeholder consultation," said Kevin Reinhart, CEO of Nexen. "Throughout the planning process, we'll also examine the steps we can take to help the Province of British Columbia realize its goal of creating a strong and competitive LNG industry that creates jobs, strengthens pan-Pacific trading relationships and delivers lasting social and economic benefits."

HONG KONG, Oct. 24, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) is pleased to announce its key operational statistics for the third quarter of 2013.

During the quarter, the Company's total net production rose 17.8% year over year (YOY) to 103.4 million barrels of oil equivalent (BOE) in which Nexen contributed 16.1 million BOE. If excluding Nexen's contribution, the net production for the third quarter of 2013 is basically flat YOY.

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.

On September 18, 2013, CNOOC Limited was listed at the Toronto Stock Exchange (TSX), representing the Company's consistent commitment to transparency and good corporate governance.

Greatly benefited from the growth in production volume, the unaudited oil and gas sales revenue of the Company reached approximately RMB56.14 billion, representing an increase of 15.9% YOY. The Company's average realized oil price increased 1.5% YOY to US$106.26 per barrel while the Company's average realized gas price went down 6.9% YOY to US$5.43 per thousand cubic feet.

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

Mr. Li Fanrong, Chief Executive Officer of the Company commented, "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."

HONG KONG, Oct. 21, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883, TSX: CNU) announced that the Company, as part of a consortium comprised of Petrobras, Shell, Total and CNPC, has been awarded a 35-year production sharing contract to develop the Libra pre-salt oil discovery in the Santos Basin, offshore Brazil.

The Company holds 10% percent in the winning consortium, with the operator Petrobras (40%), Shell (20%), Total (20%) and CNPC (10%).

As part of the winning bid, CNOOC Limited will pay 1.5 billion Brazilian Reais (approximately US$0.7 billion) as its 10% share of the signing bonus, and the winning consortium will conduct a minimum work program no later than end 2017.

Libra field is located in Santos Basin, approximately 170 kilometers off the coast of Rio de Janeiro. The block covers approximately 1,550 square kilometers with water depths of around 2,000 meters. 

The Brazilian regulator, Agencia Nacional do Petroleo (ANP) estimates that the recoverable resources of Libra field is between 8 to 12 billion barrels of oil and a total gross peak oil production could reach 1.4 million barrels per day.

Mr. Li Fanrong, CEO of the Company commented, "Libra field in Brazil is one of the largest deepwater oil accumulations in the world. The participation of CNOOC Limited in Libra project not only signifies the milestone of a strategic entry into ultra-deepwater field for the Company, it also aligns with our philosophy of seeking partnerships to expand our global footprints."

HONG KONG, Sept. 16, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) announced today that its parent company, China National Offshore Oil Corporation (CNOOC) has signed production sharing contract (PSC) with Smart Oil Investment Ltd. (Smart Oil) for Block 05/31 in Bohai.

Block 05/31 is located in the junction of Qikou Sag and Nanpu Sag of the West of Bohai. It covers a total area of 270 square kilometers with water depth ranging from 5 to 15 meters.

According to the terms of the PSC, Smart Oil will conduct 3D seismic data survey and drill exploration wells in the block during the exploration period, in which all expenditures incurred will be borne by Smart Oil. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the block.

HONG KONG, Aug. 20, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) today announced its interim results ended June 30, 2013.

For the first half of the year, the Company's total net oil and gas production rose 23.1% year-on-year (YOY) to 198.1 million barrels of oil equivalent (BOE), in which Nexen contributed 24.8 million BOE. Without Nexen's production output, the production growth was 7.7%.

Mainly attributed to the reduced price of the fuel oil and petroleum product in the Far East, the Company's average realized oil price dropped to US$104.20 per barrel, representing a decrease of 10.9% YOY. Affected by the lower realized natural gas price of Nexen, the Company's average realized natural gas price declined 3.7% YOY to US$5.68 per thousand cubic feet.

Benefited from the rising net oil and gas production, the oil and gas sales and net profit of the Company reached RMB110.8 billion and RMB34.4 billion, representing an increase of 15.8% and 7.9% YOY respectively. The Company's all-in cost increased 22.4% YOY to US$42.36 per BOE, primarily due to the acquisition of Nexen. Taking out Nexen's impact, the all-in cost would be US$37.81 per BOE, representing an increase of 9.3% YOY.

In the area of exploration, the Company made 7 new discoveries and 18 successful appraisal wells in offshore China. The discovery of Bozhong 8-4 indicated an important breakthrough of Neogene from uplift to sag and created a new exploration area in the west slope of Bozhong sag. In the meanwhile, the new discovery of Kenli 10-4 uncovers the new area of oil and gas exploration in the north slope of Laizhou bay sag.

In the area of overseas, the Company has completed the acquisition of Nexen on 26 February. The integration work after the transaction has made impressive progress. Meanwhile, we are working diligently towards getting the Company listed at Toronto Stock Exchange (TSX).

Mr. Wang Yilin, Chairman of the Company commented, "During the first half of 2013, the Company achieved good performance in all aspects. While identifying what we have achieved, we will continue to strengthen risk management and control, technological and management innovation as well as building a talented team in order to raise our core competitiveness and capability for sustainable development, all working toward an even brighter future for the Company."

Mr. Li Fanrong, CEO of the Company commented, "During the first half of the year, the Company has made smooth progress in the areas of exploration, development and production as well as overseas development, maintaining a sound financial position and satisfactory results in all areas of our business. For the second half of the year, we will continue to enhance our businesses in a meticulous and conscientious manner."

In the first half of the year, the Company's basic earnings per share reached RMB0.77. In order to share our outstanding results with shareholders, the board has declared an interim dividend of HK$0.25 per share (tax inclusive).

ONG KONG, Aug. 1, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) announced today that its parent company, China National Offshore Oil Corporation (CNOOC) has signed production sharing contract (PSC) with Shell China Exploration and Production Company Limited (Shell) for Block 35/10 in Yinggehai Basin in the South China Sea.

Block 35/10 is located in Yinggehai Basin in the South China Sea. It covers a total area of 3,427 square kilometers with water depth of 80-110 meters.

According to the terms of the PSC, Shell will conduct 3D seismic data survey and may drill exploration wells in the block during the exploration period, in which all expenditures incurred will be borne by Shell. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the block.

Hong Kong, July 5, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) announced today that its parent company, China National Offshore Oil Corporation (CNOOC) has signed production sharing contract (PSC) with PetroBroad Copower Limited (PetroBroad Copower) for Block 28/03 in Pearl River Mouth Basin.

Block 28/03 is located in Pearl River Mouth Basin in the east part of the South China Sea. It covers a total area of 68 square kilometers with water depths of 95 meters.

According to the terms of the contract, PetroBroad Copower will conduct 3D seismic data surveys and drill exploration wells in the block during the exploration period, in which all expenditures incurred will be borne by PetroBroad Copower. CNOOC has the right to participate in up to 51% working interest in any commercial discoveries in the blocks.

HONG KONG, May 2, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) announced on May 2, 2013 (New York time) the pricing of its offering of US$4,000 million aggregate principal amount of guaranteed notes. The offering consists of US$750 million of 1.125% guaranteed notes due 2016, US$750 million of 1.750% guaranteed notes due 2018, US$2,000 million of 3.000% guaranteed notes due 2023 and US$500 million of 4.250% guaranteed notes due 2043 (collectively, the "Notes"). The Notes will be issued by CNOOC Finance (2013) Limited, a wholly owned subsidiary of the Company incorporated in the British Virgin Islands, and will be guaranteed by the Company.

HONG KONG, April 26, 2013 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) is pleased to announce its key operational statistics for the first quarter of 2013.

During the quarter, the Company achieved a total net production of 93.6 million barrels of oil equivalent (BOE), representing 17.3% increase year over year (YoY), primarily attributable to the production contribution from the acquisition of Nexen Inc ("Nexen") , the new oil and gas projects on stream, the resumption of Penglai 19-3 oil field and the overseas projects.

For the first quarter, the Company made four new discoveries and six successful appraisal wells in offshore China. The appraisal confirmed that Penglai 15-2 was a mid to large sized crude oil discovery. In the perspective of overseas development, the Company successfully completed the acquisition of Nexen.

Greatly benefited from the growth in production volume, the unaudited oil and gas sales revenue of the Company reached approximately RMB55.31 billion during the period, representing an increase of 13.3% YoY. In the first quarter, the Company's average realized oil price decreased 8.7% YoY to US$110.29 per barrel. The Company's average realized gas price went down 1.5% YoY to US$5.79 per thousand cubic feet, primarily due to the relatively lower realized gas price of Nexen.

During the period, the Company's capital expenditure for exploration, development and production reached approximately RMB14.80 billion, representing an increase of 53.5% YoY.

Mr. Li Fanrong, Chief Executive Officer of the Company commented, "I am very glad to see that the Company had made significant progress in exploration and production for the first quarter, particularly the successful appraisals in Bohai has further strengthened our sustainable development in the future.

HONG KONG, Oct. 24, 2012 /PRNewswire/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) is pleased to announce its results for the third quarter of 2012.

The Company achieved a total net production of 87.8 million barrels of oil equivalent (BOE) for the third quarter of the year, primarily attributable to the production contribution from the new projects and new development wells, the continuous improvement of overseas production and the stable performance of producing oil and gas fields. The Company expects the annual production volume to reach 335-345 million BOE primarily due to the strong growth momentum of the fourth quarter.

During the period, the Company made eight successful appraisal wells in offshore China. The appraisal confirmed that Kenli 9-1 and Dongfang 13-2 are mid and large-sized discoveries, respectively.

Having benefited from the oil and gas production growth, the total unaudited oil and gas sales revenues of the Company reached approximately RMB48.44 billion for the third quarter of 2012, representing an increase of 4.7% year over year (YOY). In this period, the Company's average realized oil price decreased 6.5% YOY to US$104.74 per barrel while the Company's average realized gas price increased 12.5% YOY to US$5.83 per thousand cubic feet.

In this quarter, the Company's capital expenditure was approximately RMB15.0 billion, representing an increase of 46.7% YOY, primarily due to the busy development projects and extensive exploration activities.

Mr. Li Fanrong, CEO of the Company commented, "I am very pleased to witness that our company has achieved net production growth in the third quarter. In exploration area, we drilled 8 successful appraisal wells to further enhance the reserve and production growth in the future. In view of the above achievements, we are fully confident to accomplish the annual key operating statistics of the Company."

HONG KONG, Aug. 21, 2012 /PRNewswire-Asia/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) today announced its interim results ended June 30, 2012.

For the first half of the year, the Company's average realized oil price reached US$116.91 per barrel, representing an increase of 8.1% year-over-year (YoY), and the average realized natural gas price reached US$5.90 per thousand cubic feet, representing an increase of 20.0% YoY.

During the period, the Company's net oil and gas production reached 160.9 million BOE, a decrease of 4.6% YoY primarily caused by the shutdown of production of the Penglai 19-3 oilfield, the scheduled maintenance, and the disposal of the ONWJ block in Indonesia. By bringing the scheduled new projects on stream, ensuring the good performance of the facilities and equipments, and optimizing the technologies used for production enhancement, we are confident to accomplish our annual production target of 330-340 million BOE set by early this year.

Benefited from the rising average realized oil and gas prices, the oil and gas sales of the Company reached RMB95.66 billion and the net profit amounted to RMB31.87 billion, maintaining its strong profitability in the industry. Attributed to the rising industry costs and structural change of the Company's asset portfolio, our all-in cost for the first half of the year was US$34.60 per barrel, representing an increase of 13.1% compared to that of year 2011.

The Company has achieved encouraging results in the exploration sector. In addition to 10 successful discoveries and 18 appraisal wells made in the first half, the Company also made significant progress in various fronts. A series of successful appraisal wells proved Penglai 9-1 would become the biggest oil and gas structure discovered in Bohai area in recent years. The successful appraisal of Qinhuangdao 29-2 East structure expanded the original Qinhuangdao 29-2 structure as well as its reserve scale. In this period, the company has also made mid-to-large sized discoveries including Kenli 2-1, Luda 21-2 and Luda 6-2. In addition, natural gas discovery was made in the Liuhua 29-2 structure in deepwater of South China Sea, demonstrating a great exploration potential for the area.

In the meantime, The Company achieved new breakthrough in its overseas development. In February, the acquisition of one-third interest in each of Exploration areas of 1, 2 and 3A in Uganda was completed. In July, we signed an agreement for the acquisition of Nexen Inc. in Canada. This transaction will make the Company a truly global exploration and production company with a balanced resources portfolio and important presences in the world's major oil and gas production areas.

Mr. Wang Yilin, Chairman of the Company commented, "In view of rapid developments in the different areas of the Company's business and faced by uncertainties of the external environment, we will pay increasing attention to build our own capabilities. We shall enhance our core management, strengthen our development foundation, and continuously raise the Company's core competitiveness and capability of sustainable development. We will strive to build up a strong foundation for the Company's "A new leap forward" blueprint and to continue to create value and returns for our shareholders."

Mr. Li Fanrong, CEO of the Company commented, "During the first half of the year, downward pressure for the world's economic growth was mounting as Europe's debt crisis continued to deepen and international oil prices decreased significantly from a high level. In view of the critical external environment, we will continue to ensure good performance in the different areas of business of the Company, strengthening our foundation and striving forward for future development."

In consideration of the capital requirements of the Nexen transaction and to maintain financial flexibility and support the Company's long-term growth, the Board of Directors has decided to pay an interim dividend of HK$0.15 (tax inclusive) per share for 2012

CNOOC Limited (SEHK: 00883, NYSE: CEO) and Nexen Inc. (TSX: NXY, NYSE: NXY) announced today that they have entered into a definitive agreement under which CNOOC Limited will acquire all of the outstanding common shares of Nexen for US$27.50 per share in cash.

The purchase price represents a premium of 61% to the closing price of Nexen's common shares on the NYSE on July 20, 2012, and a premium of 66% to Nexen's 20 trading-day volume-weighted average share price. Total cash consideration of approximately US$15.1 billion will be paid for Nexen's common and preferred shares, and Nexen's current debt of approximately US$4.3 billion will remain outstanding. The transaction, which will be completed by way of a plan of arrangement, is expected to close in the fourth quarter of 2012.

The acquisition of Nexen expands CNOOC Limited's overseas businesses and resource base in order to deliver long-term, sustainable growth. Nexen will complement CNOOC Limited's large offshore production footprint in China and extends CNOOC Limited's global presence with a high-quality asset base in many of the world's most significant producing regions – including Western Canada, the U.K. North Sea, the Gulf of Mexico and offshore Nigeria – focused on conventional oil and gas, oil sands and shale gas. In addition, Nexen management's current mandate will be expanded to include all of CNOOC Limited's North American and Caribbean assets.

Nexen had average production of 207 mboe/d (after royalties) in Q2 2012. In accordance with SEC rules, Nexen had 900 mmboe of proved reserves and 1,122 mmboe of probable reserves as of December 31, 2011. In addition, as of December 31, 2011, Nexen had best estimate contingent resources of 5.6 billion boe in accordance with Canadian National Instrument 51-101, predominantly in the Canadian oil sands.

The transaction will be funded by CNOOC Limited's existing cash resources and external financing.

Mr. Wang Yilin, Chairman of CNOOC Limited said, "The acquisition reflects our strong belief in Nexen's rich and diverse portfolio of assets and world-class management and employees. This is an exciting opportunity for us to build on our existing joint venture relationship with Nexen in Canada, and to acquire a leading international platform in the process. We strongly believe that this acquisition will create long-term value for CNOOC Limited's shareholders."

Commenting on the acquisition, Mr. Barry Jackson, Chairman of the Board of Nexen, said, "This transaction delivers significant and immediate value to Nexen shareholders. The Nexen Board is unanimous in its view that the transaction is in the best interest of Nexen and recommends shareholders vote in favor of the transaction."

HONG KONG, June 18, 2012 /PRNewswire-Asia/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) announced today that its parent company, China National Offshore Oil Corporation (CNOOC) has signed a production sharing contract (PSC) with Primeline Energy China Limited (PECL) and Primeline Petroleum Corporation (PPC) (jointly as "Primeline") for Block 33/07 in the East China Sea.

Block 33/07 is located about 390 kilometers of Shanghai in the East China Sea. It covers a total area of 5877 square kilometers, with water depth of 90 meters.

HONG KONG, April 24, 2012 /PRNewswire-Asia/ -- CNOOC Limited (the "Company", NYSE: CEO, SEHK: 00883) is pleased to announce its results for the first quarter of 2012.

In this quarter, the Company achieved a total net production of 79.8 million barrels of oil equivalent (BOE), representing 6.3% decrease year over year (YoY) mainly due to the suspension of production of Penglai 19-3 oilfield at Bohai which is operated under a production sharing contract.

For the first quarter of 2012, the Company made five new discoveries and drilled five successful appraisal wells in offshore China, among which Kenli 2-1 at Bohai was a mid to large sized new oil discovery and large discovery of Penglai 9-1 was successfully appraised. In addition, Dongfang 13-2 discovery was made in high-temperature and high-pressure natural gas reservoir in Yinggehai. During the period, the Company's major projects were in progress as planned. In the aspect of overseas development, the Company completed the acquisition of one-third interests in each of Exploration Areas 1, 2 and 3A in Uganda from Tullow Oil plc.

In this quarter, the unaudited oil and gas sales revenue of the Company reached approximately RMB48.84 billion, representing 3.7% increase YoY. During the period, the Company's average realized oil price increased 19.4% YoY to US$120.79 per barrel while the average realized gas price increased 19.8% YoY to US$5.88 per thousand cubic feet.

Within the period, as the Company enhanced exploration and development activities, its capital expenditure increased 58.2% YoY to about RMB9.64 billion.

Mr. Li Fanrong, Chief Executive Officer of the Company commented, "In the first quarter, the Company had made significant progress in exploration area, particularly by obtaining a mid to large sized new oil discovery and successful appraisal of a large oilfield in Bohai. I believe these achievements will strongly support our production growth target of 6-10% CAGR from 2011 to 2015."

HONG KONG, Feb. 21, 2012 /PRNewswire-Asia/ -- CNOOC Limited (the "Company", NYSE:CEO; SEHK:0883) announced the closing of the Sale and Purchase Agreements ("SPAs") between the Company and Tullow Oil plc ("Tullow"). According to the SPAs, the Company purchased one third interest from Tullow in Exploration Areas ("EA") 1, 2 and 3A in Uganda. The total consideration of the transaction was approximately US$1.467 billion in cash.

After the transaction, the Company will operate the new Kanywataba license in the former EA 3A, and the Kingfisher production license which was converted due to the discovery in the former EA 3A. Tullow and TOTAL S.A. will operate EA 2 and EA 1 respectively.

Mr. Li Fanrong, Chief Executive Officer of the Company commented, "We are delighted to see the completion of this important transaction which will not only add value to our shareholders but also bring social welfare to the people of Uganda. CNOOC Limited will work closely with our project partners and the Government of Uganda to expedite the development program."

Year End Results:

The strong growth of oil and gas production, together with the high realized price, facilitated the Company's oil and gas sales to reach $22.73 billion, an increase of 77.7% yoy. In the meantime, the Company's net profit hit a record high of $8.3 billion, with a remarkable growth of 84.5% yoy.

Mr. Yang Hua, CEO of the Company commented, "In 2010, CNOOC Limited recorded exciting results in production growth, reserve replacement and net profit, demonstrating the Company's outstanding operational and management capabilities. Although in the year, the pressure on cost inflation was still one of the steep challenges faced by the entire industry, we were able to maintain a competitive cost structure among the global peers by implementing stringent cost control measures. "

In 2010, our basic earnings per share (EPS) reached $0.19. The Board of Directors has proposed a year-end dividend of $0.03 per share. Together with an interim dividend of (about) $0.03 per share, the Company will distribute a total dividend of $0.06 per share in the year.

Note: Figures were converted into USD.

HONG KONG, Jan. 27, 2011 /PRNewswire-Asia/ -- CNOOC Limited today announced its 2011 business strategy and development plan.

The total net production of the Company in 2011 is targeted at 355-365 million barrels of oil equivalent (BOE) (assuming with WTI at US$82.0/barrel). The Company's net production for 2010 is estimated to be 327-329 million BOE (with WTI at US$79.5/barrel).

During the year, there are four new projects offshore China expected to come on stream, including major projects such as Jinxian1-1 and Jinzhou 25-1. In overseas, Eagle Ford project in the U.S. and Bridas Corporation in Argentina are expected to deliver production. The new oil and gas fields brought on stream in 2010 and 2011, together with new projects in overseas, are expected to facilitate the production growth in 2011. Meanwhile, 15 projects are under construction, driving the mid to long term production growth of the Company.