FOR IMMEDIATE RELEASE
Steady Production Growth and Surging Revenues Highlights CNOOC
Ltd’s Remarkable Q1 Results
(Hong Kong, April 28, 2008) - CNOOC Limited (the "Company" or “CNOOC Ltd.”; NYSE “CEO”, SEHK “883”) is pleased to
announce its remarkable results for the first quarter in 2008 today. Within the period, it recorded a net production of 496,753
BOE per day with a year-on-year (YOY) increase of 5.0%. The Company’s unaudited revenue surged 61.8% to RMB 24,034
For the first quarter of 2008, the Company produced 392,722 barrels of crude oil and liquids per day, representing an
increase of 3.7% YOY. The Company’s net gas production reached 601 million cubic feet per day, an increase of 9.3% YOY.
Benefiting from the good reservoir management and with new projects on stream in 2007, our net production in offshore
China increased by 6.3% compared with same period last year.
During the quarter, steady production growth and increased realized oil price attributed to our total unaudited revenue and
promoted it to RMB 24,034 million, an increase of 61.8% YOY during the period.
The Company’s realized oil price rose 69.2% to US$88.76 per barrel, generally in line with surging international oil price in
Q1. Our average realized gas price were US$3.65 per thousand cubic feet with an increase of 14.3%.
During Q1, the Company's capital expenditure remained flat at RMB 6,099.2 million. As a result of strengthened exploration
activities, its exploration expenditure reached RMB 1365 million, a 42.3% YOY increase.
In the period, the Company achieved 4 new discoveries offshore China.
Except Lufeng 7-2, other three discoveries, Weizhou 6-3, Qinhuangdao 35-2 and Wenchang19-1N, were all made by CNOOC
Limited independently. During the quarter, the Company also successfully appraised two discoveries, Liuhua 4-1 and Kenli
Meanwhile all major projects are progressing smoothly as planned. One of the projects, Weizhou 11-4N commenc