CNOOC Limited's Earnings Increased Significantly, Production Hit a Record High
In the first half of 2021, faced with the complicated situation, the Company further strengthened its business strategy, firmly advanced various production and operation tasks, and scaled new heights in reserves and production. The commencement of major projects inspired all employees. Thanks to such efforts, we achieved outstanding operating results. Net oil and gas production hit a record high and net profit achieved a significant increase, once again presenting satisfactory performance to shareholders.
Adhering to value-driven exploration strategy, the Company achieved encouraging results. In the first half of the year, 9 new discoveries were made and 14 oil and gas structures were successfully appraised, which further consolidated the Company's resource base for sustainable development. In
Six of the new projects planned for the year have safely commenced production, and other projects under construction progressed steadily. In addition, the Company implemented multiple measures to develop the potential of oil and gas producing fields, resulting in stable volume increase. In the first half of the year, net oil and gas production reached a record high of 278.1 million BOE, representing a year-over-year ("YoY") increase of 7.9%. In particular, the net production in offshore and onshore
During the period, the Company's first offshore large-sized independent deepwater gas field, Lingshui 17-2 has commenced production. The world's first 100,000-ton deepwater semi-submersible production and storage platform,
We insisted on improving quality, reducing cost and enhancing efficiency, firmly grasped the opportunity of oil price recovery, thereby achieving a significant increase in earnings, which further proved the excellent capability of our management. In the first half of this year, the oil and gas sales revenue reached
In light of the Company's solid financial performance, and to share the fruits of the Company's growth, the Board of Directors has decided to declare an interim dividend of
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 that 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 but not limited to the Company and its controlling shareholder being listed in the list of the
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