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          News Releases

          CNOOC Limited Announces Key Operational Statistics for Q3 2021

          Time:2021-10-28 Size:[ Large Medium Small ]

          On October 28, CNOOC Limited announced its key operational statistics for the third quarter of 2021.

          The company achieved a total net production of 144.1 million barrels of oil equivalent ("BOE") for the third quarter of 2021, representing an increase of 9.9% year-over-year ("YoY"). Production from China increased by 13.0% YoY to 100.1 million BOE, mainly attributable to production growth from the commencement of new projects including Caofeidian 6-4 oilfield, Luda 21-2 oilfield and the production growth from onshore unconventional gas fields. Overseas production increased by 3.2% YoY to 43.9 million BOE.

          During the period, the company made nine new discoveries and successfully appraised 13 oil and gas structures. In offshore China, a large-sized commercial discovery was made in the Kenli 10-2 structure with 100 million tons oil and gas proved in-place volume. A proved in-place volume of over 10 million tons was made in the Bozhong 28-1 structure. Baodao 21-1 structure was appraised with a positive progress. In overseas, three new discoveries were made in the Stabroek block in Guyana, namely Whiptail, Pinktail and Turbot-2.In terms of development and production, six new projects commenced production in the third quarter, which are Luda 29-1 oilfield, Liuhua 21-2 oilfield, Luda 6-2 oilfield, Bozhong 26-3 oilfield expansion project, Qinhuangdao/Caofeidian onshore power project and Bozhong 19-4 oilfield adjustment project. Among them, the successful commencement of operation of the Qinhuangdao/Caofeidian onshore power project makes a historical milestone in green, efficient, and intelligent development of China's offshore oilfield operations. It also signifies the energy consumption structure of offshore oilfields has embarked on a fully-fledged implementation of low-carbon transformation.

          For the third quarter of 2021, the company's average realised oil price increased by 63.6% YoY to US$70.38 per barrel, which is in line with the trend of international oil prices. The company's average realised gas price increased by 21.0% YoY to US$7.08 per thousand cubic feet, mainly attributable to the higher realised gas in China and overseas. Due to combined effects of the increase in international oil and gas prices, and the increased oil and gas sales volume, the unaudited oil and gas sales revenue of the company reached approximately RMB58.03 billion, representing an increase of 63.3% YoY.

          During the period, the company's capital expenditure increased by 13.8% YoY to approximately RMB20.94 billion, which was mainly due to the increase in workload.

          Xu Keqiang, CEO of the company, commented,“During the quarter, the company has made steady progress in various performance, the key operational statistics have improved substantially. The company is confident of achieving the annual production and operation targets, and will strive to create value for our shareholders.” 

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