UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of April 2014
Commission File Number 1-14966
CNOOC Limited
(Translation of registrant’s name into English)
65th Floor
Bank of China Tower
One Garden Road
Central, Hong Kong
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
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Form 20-F X Form 40-F ___
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
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Yes ___ No X
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Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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CNOOC Limited
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By:
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/s/ Hua Zhong
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Name:
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Hua Zhong
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Title:
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Joint Company Secretary
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Dated: April 22, 2014
EXHIBIT INDEX
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Exhibit No.
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Description
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Exhibit 99.1
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Announcement dated April 22, 2014.
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Exhibit 99.2
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Press Release dated April 22, 2014, entitled “CNOOC Limited Announces Key Operational Statistics of Q1”. |
Exhibit 99.1
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in Hong Kong with limited liability under the Companies Ordinance)
(Stock Code: 00883)
ANNOUNCEMENT
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The Board hereby announces certain selected unaudited key operational statistics of the Group for the first quarter of 2014 (ended 31 March 2014). The comparative statistics for the first quarter of 2013 (ended 31 March 2013) are also disclosed in this announcement.
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The board of directors of CNOOC Limited (the “Company”) (the “Board”) hereby announces certain selected unaudited key operational statistics of the Company and its subsidiaries (together the “Group”) for the first quarter of 2014 (ended 31 March 2014). The comparative statistics for the first quarter of 2013 (ended 31 March 2013) are also disclosed in this announcement.
The Company achieved a total net production of 108.1 million barrels of oil equivalent (“BOE”) for the first quarter of 2014, representing an increase of 15.5% year over year (“YoY”), mainly attributable to: firstly, the production contribution from the acquisition of Nexen Inc. (“Nexen”); secondly, production ramp-up from major overseas projects such as Eagle Ford in the U.S. and Missan oilfields in Iraq.
For the first quarter of 2014, the Company made five new discoveries and eight successful appraisal wells in offshore China. New discovery of Bozhong 22-1 demonstrated great exploration potential of natural gas in Bohai buried hill at deeper zone; Another discovery of Lingshui 17-2 marked a breakthrough of the Company’s independent deepwater exploration. After further successful appraisals, Bozhong 8-4 and Wushi 17-2 were proved to be mid-sized oil and gas structures.
The unaudited oil and gas sales revenue of the Company reached approximately RMB 59.15 billion for the first quarter of 2014, representing an increase of 6.9% YoY, mainly due to the increase of oil and gas production. During the period, the Company’s average realized oil price decreased 5.1% YoY to US$104.63 per barrel, mainly due to the weak performances of the Far East benchmark oil prices and Brent oil price. The Company’s average realized gas price was US$6.33 per thousand cubic feet, representing an increase of 9.3% YoY, mainly due to the price hike with certain customers in China and higher realized gas price of Nexen.
For the first quarter of 2014, the Company's capital expenditure reached approximately RMB 19.31 billion.
First Quarter and Year-to-Date Net Production Summary (Unaudited)*
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2014
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2013
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Q1
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YTD
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Q1
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YTD
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Crude
&
Liquids
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Natural Gas
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Total
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Crude
&
Liquids
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Natural Gas
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Total
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Crude
&
Liquids
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Natural Gas
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Total
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Crude
&
Liquids
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Natural Gas
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Total
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(mmbbls)
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(bcf)
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(mm BOE)
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(mmbbls)
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(bcf)
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(mm BOE)
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(mmbbls)
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(bcf)
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(mm BOE)
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(mmbbls)
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(bcf)
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(mm BOE)
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||||||||||||||||||||||||||
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China
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Bohai
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34.8 | 13.0 | 37.0 | 34.8 | 13.0 | 37.0 | 37.4 | 12.1 | 39.5 | 37.4 | 12.1 | 39.5 | |||||||||||||||||||||||||
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Western South China Sea
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8.5 | 31.6 | 13.9 | 8.5 | 31.6 | 13.9 | 6.1 | 29.1 | 11.2 | 6.1 | 29.1 | 11.2 | |||||||||||||||||||||||||
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Eastern South China Sea
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13.3 | 13.6 | 15.6 | 13.3 | 13.6 | 15.6 | 13.8 | 13.9 | 16.1 | 13.8 | 13.9 | 16.1 | |||||||||||||||||||||||||
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East China Sea
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0.2 | 2.7 | 0.6 | 0.2 | 2.7 | 0.6 | 0.1 | 2.6 | 0.5 | 0.1 | 2.6 | 0.5 | |||||||||||||||||||||||||
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Subtotal
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56.8 | 60.9 | 67.1 | 56.8 | 60.9 | 67.1 | 57.4 | 57.7 | 67.2 | 57.4 | 57.7 | 67.2 | |||||||||||||||||||||||||
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Overseas
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Asia (excluding China)
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2.9 | 11.8 | 5.0 | 2.9 | 11.8 | 5.0 | 2.3 | 13.3 | 4.5 | 2.3 | 13.3 | 4.5 | |||||||||||||||||||||||||
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Oceania
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0.3 | 6.6 | 1.6 | 0.3 | 6.6 | 1.6 | 0.2 | 5.8 | 1.2 | 0.2 | 5.8 | 1.2 | |||||||||||||||||||||||||
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Africa
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7.2 | - | 7.2 | 7.2 | - | 7.2 | 6.2 | - | 6.2 | 6.2 | - | 6.2 | |||||||||||||||||||||||||
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North America (excluding Canada)
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4.0 | 9.7 | 5.6 | 4.0 | 9.7 | 5.6 | 3.1 | 7.8 | 4.4 | 3.1 | 7.8 | 4.4 | |||||||||||||||||||||||||
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Canada
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4.9 | 11.7 | 6.9 | 4.9 | 11.7 | 6.9 | 2.0 | 4.2 | 2.6 | 2.0 | 4.2 | 2.6 | |||||||||||||||||||||||||
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South America
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2.1 | 12.1 | 4.2 | 2.1 | 12.1 | 4.2 | 1.9 | 11.5 | 3.8 | 1.9 | 11.5 | 3.8 | |||||||||||||||||||||||||
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Europe
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9.7 | 5.5 | 10.6 | 9.7 | 5.5 | 10.6 | 3.5 | 1.3 | 3.7 | 3.5 | 1.3 | 3.7 | |||||||||||||||||||||||||
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Subtotal
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31.1 | 57.4 | 41.0 | 31.1 | 57.4 | 41.0 | 19.0 | 43.8 | 26.3 | 19.0 | 43.8 | 26.3 | |||||||||||||||||||||||||
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Total
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87.8 | 118.3 | 108.1 | 87.8 | 118.3 | 108.1 | 76.5 | 101.5 | 93.6 | 76.5 | 101.5 | 93.6 | |||||||||||||||||||||||||
* Including our interest in equity method investees, which is approximately 4.2 mmboe in Q1 2014 and 3.8 mmboe in Q1 2013.
Nexen production in Q1 2014 and Q1 2013 were 19.3 and 6.9 mmboe respectively.
First Quarter and Year-to-Date Revenue and Capital Expenditure (Unaudited)
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RMB (millions)
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US$ (millions)
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2014
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2013
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2014
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2013
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| Q1 |
YTD
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Q1 |
YTD
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Q1 |
YTD
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Q1 |
YTD
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Sales Revenue
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Crude and liquids
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55,051 | 55,051 | 52,050 | 52,050 | 9,000 | 9,000 | 8,291 | 8,291 | ||||||||||||||||||||||||
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Natural gas
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4,102 | 4,102 | 3,260 | 3,260 | 671 | 671 | 519 | 519 | ||||||||||||||||||||||||
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Marketing revenue, net
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560 | 560 | 417 | 417 | 92 | 92 | 66 | 66 | ||||||||||||||||||||||||
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Others
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745 | 745 | 452 | 452 | 122 | 122 | 72 | 72 | ||||||||||||||||||||||||
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Total
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60,458 | 60,458 | 56,179 | 56,179 | 9,885 | 9,885 | 8,948 | 8,948 | ||||||||||||||||||||||||
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Capital Expenditures
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Exploration
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5,028 | 5,028 | 2,668 | 2,668 | 822 | 822 | 425 | 425 | ||||||||||||||||||||||||
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Development
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12,442 | 12,442 | 10,297 | 10,297 | 2,034 | 2,034 | 1,640 | 1,640 | ||||||||||||||||||||||||
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Production
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1,681 | 1,681 | 1,834 | 1,834 | 275 | 275 | 292 | 292 | ||||||||||||||||||||||||
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Others
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160 | 160 | 78 | 78 | 26 | 26 | 12 | 12 | ||||||||||||||||||||||||
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Total
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19,310 | 19,310 | 14,878 | 14,878 | 3,157 | 3,157 | 2,370 | 2,370 | ||||||||||||||||||||||||
For the purpose of this announcement, unless otherwise indicated, an exchange rate of US$1 = RMB6.1170 has been used for the first quarter of 2014, and an exchange rate of US$1 = RMB6. 2782 has been used for the first quarter of 2013, where applicable. The usage of these exchange rates is for illustration only and does not constitute a representation that any amount has been, could have been or may be exchanged or converted at the above rates or at any other rate at all.
This announcement is published on the website of The Stock Exchange of Hong Kong Limited (http://www.hkex.com.hk) and on the Company’s website (http://www.cnoocltd.com).
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By Order of the Board
CNOOC Limited
Zhong Hua
Joint Company Secretary
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Hong Kong, 22 April 2014
As at the date of this announcement, the Board comprises:
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Executive Directors
Li Fanrong
Wu Guangqi
Non-executive Directors
WangYilin (Chairman)
Yang Hua (Vice Chairman)
Lv Bo
Zhang Jianwei
Wang Jiaxiang
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Independent Non-executive Directors
Chiu Sung Hong
Lawrence J. Lau
Tse Hau Yin, Aloysius
Kevin G. Lynch
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Exhibit 99.2
中國海洋石油有限公司
CNOOC LIMITED
For Immediate Release
CNOOC Limited Announces Key Operational Statistics of Q1
(Hong Kong, April 22, 2014) - CNOOC Limited (the “Company”, NYSE: CEO, SEHK: 00883, TSX: CNU) today announced its key operational statistics for the first quarter of 2014.
In the first quarter, the Company achieved a total net production of 108.1 million barrels of oil equivalent (“BOE”), representing 15.5% increase year over year (YoY).
The Company made five new discoveries and eight successful appraisal wells in offshore China. New discovery of Bozhong 22-1 demonstrated great exploration potential of natural gas in Bohai buried hill at deeper zone; another discovery of Lingshui 17-2 marked a breakthrough of the Company’s independent deepwater exploration. After further successful appraisals, Bozhong 8-4 and Wushi 17-2 were proved to be mid-sized oil and gas structures. During the period, the new projects planned to commence production all made smooth process.
In the first quarter, the unaudited oil and gas sales revenue of the Company reached approximately RMB59.15 billion, representing an increase of 6.9% YoY, mainly due to the increase of oil and gas production. During the period, the Company’s average realized gas price was US$6.33 per thousand cubic feet, representing an increase of 9.3% YoY while the Company’s average realized oil price was US$104.63 per barrel.
During the period, the Company’s capital expenditures for exploration, development and production amounted to RMB19.31 billion.
Mr. Li Fanrong, CEO of the Company commented, “In the first quarter, the Company made significant progress in exploration, particularly the new discoveries and successful appraisals will lay a solid foundation for the Company’s sustainable development.”
- End -
Notes to Editors:
More information about the Company is available at http://www.cnoocltd.com.
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This press release includes “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or financial results. The words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company’s expectations, including those associated with fluctuations in crude oil and natural gas prices, the exploration or development activities, the capital expenditure requirements, the business strategy, whether the transactions entered into by the Group can complete on schedule pursuant to its terms and timetable or at all, the highly competitive nature of the oil and natural gas industries, the foreign operations, environmental liabilities and compliance requirements, and economic and political conditions in the People’s Republic of China. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the 2013 Annual Report on Form 20-F filed on 17 April 2014.
Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.
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For further enquiries, please contact:
Ms. Michelle Zhang
Deputy Manager, Media / Public Relations
CNOOC Limited
Tel: +86-10-8452-6642
Fax: +86-10-8452-1441
E-mail: MR@cnooc.com.cn
Ms. Cathy Zhang
Hill+Knowlton Strategies Asia
Tel: +852-2894 6211
Fax: +852-2576 1990
E-mail: cathy.zhang@hkstrategies.com