Sunday, June 16, 2019
 
Columnist
Martin Hennecke
 
CNOOC
HKEx Stock Code : 00883 
 
Corporate Profile
Principally engaged in the exploration, development, production and sales of crude oil and natural gas and other petroleum products.

Business Review - For the year ended December 31, 2012

In 2012, the European economies were still tramped in sovereign debt crisis and the developed economies faced numerous difficulties in economic growth. The global economic recovery was still slow. On the other hand, China maintained a steady and rapid economic growth. Affected by economic conditions and supply-demand relationship, international oil prices experienced fluctuations in 2012, but generally maintained at a high level.

During the year, faced by complex external conditions, the Company overcame various unfavorable factors, seized opportunity to lay a solid foundation for development, and achieved satisfactory results.

In 2012, the Company achieved its annual production target, with a net oil and gas production of 342.4 million BOE, representing a 3.2% increase year over year. The Company also made new breakthroughs in exploration in shallow water and deepwater offshore China and overseas, achieving a reserve replacement ratio of 188%.

In 2012, the Company made significant progress in its overseas development and successfully acquired Nexen.

This transaction laid down resources base for the Company's long-term development and built a new overseas platform for the Company.

The Company maintained a solid financial position in 2012. Its oil and gas sales were RMB194,774 million (US$30,860.1 million, with the exchange rates applicable for 2012 at 6.3115), representing an increase of 2.9% year over year. Net profit was RMB63,691 million (US$10,091.3 million), representing a decrease of 9.3% over last year.

Business Outlook - For the year ended December 31, 2012

The 2013 outlook of the global political and economic situation remains complex and tough. The global economic recovery continued to be largely uncertain. On the other hand, China will continue to implement a proactive fiscal policy and prudent monetary policy, and by adhering to the overall goal of ¡§pursuing growth cautiously¡¨ for economic and social development, China's economy is expected to maintain steady growth.

Facing a complex and tough external conditions in 2013, the Company is committed to solidifying its foundation for development and carrying out various works in accordance with the Company's blueprint of ¡§A New Leap Forward¡¨. The Company's key tasks include:

First, to strive to achieve the annual production target.

Second, to continue to enhance exploration and development efforts.

Third, to strengthen overseas operations.

Fourth, to tighten cost control and further improve efficiency.


Source: CNOOC Limited (00883) Annual Results Announcement
Chairman Wang Yilin Issued Capital (shares) 44,647M
Par Value HKD 0.02 Market Capitalisation (HKD) 625,064M
 
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