CNOOC Limited: Reserves and Production Steadily Expanded, Net Profit Significantly Increased
CNOOC (CEO)
US:NYSE Investor Relations:
cnoocltd.com
Company Research
Source: PR Newswire
HONG KONG, March 21, 2019 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) today announced its 2018 annual results for the year ended December 31, 2018.In 2018, CNOOC Limited expanded its oil and gas reserves and production at a steady pace, strengthened its cost control and achieved remarkable results. Total net oil and gas production of the Company achieved 475 million barrels of oil equivalent ("BOE"), successfully meeting the annual target set at the year beginning. During the year, the Company made 17 commercial discoveries and successfully appraised 17 oil and gas structures. In offshore China, multiple high quality mid-to-large size oil and gas fields, including Bozhong 19-6 and Bozhong 29-6, were successfully appraised. In overseas, 5 new world-class discoveries were made in the Stabroek block in Guyana. CNOOC Limited's reserve replacement ratio reached 126% and its reserve life improved to 10.5 years. At the end of 2018, the net proved reserv
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