CNOOC Limited 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, read more here