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 April 29, 2005
CNOOC Limited
(Translation of registrant's name into English)
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65th Floor
Bank of China Tower
One Garden Road
Central, Hong Kong
(Address of principal executive offices)
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(Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F)
Form 20-F [X] Form 40-F [_]
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes [_] No [X]
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): N/A.)
Company Press Release
---------------------
CNOOC Ltd Reports a 48.1% Surge of Oil & Gas Revenue
and a 19% Increase in Production Offshore China for Q1
(Hong Kong, April 29, 2005) - CNOOC Limited (the "Company" or "CNOOC Ltd";
NYSE "CEO", SEHK "883") today announced that its oil & gas revenue for the
first quarter of 2005 amounted to RMB11.42 billion (US$ 1.380 billion), an
increase of 48.1% year on year (yoy). Reported total net daily production for
the Company was 411,424 barrels of oil equivalent (BOE), an increase of 13.4%
yoy.
The Company also reported a 19.0% yoy increase in net production offshore
China, which reached 373,984 BOE per day. Crude oil and liquids production
offshore China was 327,755 barrels per day, an increase of 20.0%. The increase
was largely due to increases in production volume from Bohai Bay and Eastern
South China Sea. Gas production was 266 million cubic feet per day offshore
China, representing an increase of 7.7%.
Total unaudited revenues were RMB11.48 billion (US$1.387 billion) for the
first quarter of 2005, a 47.6% surge from the same quarter last year as a
result of larger production volume and higher realized oil and gas prices. In
the first quarter, the Company realized an oil price of US$ 41.73 per barrel,
representing an increase of 40.1% over the same period last year.
Reflecting active development activities, the Company's capital expenditures
for development activities increased 65.8% to RMB2.99 billion while capital
expenditures for exploration activities were flat at RMB0.34 billion.
"Our production growth and surge in revenue are exciting and encouraging. We
are confident in the continuing growth of the Company," commented Mr. Fu
Chengyu, Chairman and Chief Executive Officer of the Company.
"The Company is taking solid steps in meeting our targets for 2005. We will
continue to implement our strategies to further enhance our corporate value,"
said Mr. Yang Hua, Chief Financial Officer and Senior Vice President of the
Company.
In the first quarter this year, LD 10-1, an independent field in Bohai Bay,
came on stream ahead of schedule and outperformed the initial target.
The Company also completed the acquisition of a 16.69% stake in MEG Energy
Corp, a Canada based pure oil sand company during the period.
"The Company is making solid progress in operations, all major development
projects are progressing on track," commented Mr. Zhou Shouwei, President of
the Company.
First Quarter and Year-to-Date Production Summary
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---------------------------------------------------------------------------------------
2004 2005
------------------------- ------------------------------ ------------------------------
Crude Oil & Liquids (b/d) Q1 YTD Q1 YTD
------------------------- -------------- --------------- -------------- ---------------
Bohai Bay 129,530 129,530 162,420 162,420
------------------------- -------------- --------------- -------------- ---------------
Western South China Sea 61,279 61,279 54,146 54,146
------------------------- -------------- --------------- -------------- ---------------
Eastern South China Sea 79,801 79,801 109,037 109,037
------------------------- -------------- --------------- -------------- ---------------
East China Sea 2,444 2,444 2,152 2,152
------------------------- -------------- --------------- -------------- ---------------
Overseas 33,926 33,926 23,824 23,824
------------------------- -------------- --------------- -------------- ---------------
Subtotal (b/d) 306,980 306,980 351,579 351,579
------------------------- -------------- --------------- -------------- ---------------
Natural Gas (mmcf/d)
------------------------- -------------- --------------- -------------- ---------------
Bohai Bay 45 45 51 51
------------------------- -------------- --------------- -------------- ---------------
Western South China Sea 173 173 196 196
------------------------- -------------- --------------- -------------- ---------------
Eastern South China Sea - - - -
------------------------- -------------- --------------- -------------- ---------------
East China Sea 19 19 19 19
------------------------- -------------- --------------- -------------- ---------------
Overseas 86 86 82 82
------------------------- -------------- --------------- -------------- ---------------
Subtotal (mmcf/d) 323 323 348 348
------------------------- -------------- --------------- -------------- ---------------
Total Production (boe/d) 362,671 362,671 411,424 411,424
------------------------- -------------- --------------- -------------- ---------------
First Quarter and Year-to-Date Revenue and Expenditure (Unaudited)
--------------------------------------------------------------------------------------------------------------------------------
RMB millions US$ millions(1)
------------------------------ ------------------------ --------------------------- ------------------- ------------------------
2004 2005 2004 2005
------------------------------ ------------ ----------- ------------- ------------- --------- --------- ------------ -----------
Q1 YTD Q1 YTD Q1 YTD Q1 YTD
------------------------------ ------------ ----------- ------------- ------------- --------- --------- ------------ -----------
Sales Revenue
------------------------------ ------------ ----------- ------------- ------------- --------- --------- ------------ -----------
Crude oil and liquids 7,094.8 7,094.8 10,727.2 10,727.2 857.2 857.2 1,296.1 1,296.1
------------------------------ ------------ ----------- ------------- ------------- --------- --------- ------------ -----------
Natural gas 619.9 619.9 696.8 696.8 74.9 74.9 84.2 84.2
------------------------------ ------------ ----------- ------------- ------------- --------- --------- ------------ -----------
Marketing Revenue, net 34.5 34.5 37.5 37.5 4.2 4.2 4.5 4.5
------------------------------ ------------ ----------- ------------- ------------- --------- --------- ------------ -----------
Others 32.5 32.5 21.3 21.3 3.9 3.9 2.6 2.6
------------------------------ ------------ ----------- ------------- ------------- --------- --------- ------------ -----------
Total 7,781.8 7,781.8 11,482.8 11,482.8 940.2 940.2 1,387.4 1,387.4
------------------------------ ------------ ----------- ------------- ------------- --------- --------- ------------ -----------
Capital Expenditures
------------------------------ ------------ ----------- ------------- ------------- --------- --------- ------------ -----------
Exploration 363.6 363.6 344.9 344.9 43.9 43.9 41.7 41.7
------------------------------ ------------ ----------- ------------- ------------- --------- --------- ------------ -----------
Development 1,804.8 1,804.8 2,991.9 2,991.9 218.0 218.0 361.5 361.5
------------------------------ ------------ ----------- ------------- ------------- --------- --------- ------------ -----------
Total 2,168.4 2,168.4 3,336.8 3,336.8 261.9 261.9 403.2 403.2
------------------------------ ------------ ----------- ------------- ------------- --------- --------- ------------ -----------
(1) Converted to US dollars at: RMB8.2765 = US$1.00
Ends
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Notes to Editors:
CNOOC LIMITED - BACKGROUND
CNOOC Limited (the "Company", together with its subsidiaries, the "Group" or
the "Company") - Incorporated in Hong Kong in August 1999, CNOOC Limited was
listed on the New York Stock Exchange ("NYSE") (code: CEO) and The Stock
Exchange of Hong Kong Limited ("HKSE") (code: 0883) on 27 and 28 February
2001, respectively. The Company was admitted as a constituent stock of the
Hang Seng Index in July 2001.
The Company is China's largest producer of offshore crude oil and natural gas
and one of the largest independent oil and gas exploration and production
companies in the world. The Company mainly engages in offshore oil and natural
gas exploration, development, production and sales.
The Company has four major oil production areas offshore China which are Bohai
Bay, Western South China Sea, Eastern South China Sea and East China Sea. It
is the largest offshore oil producer in Indonesia. The Company also has
certain upstream assets in other regions such as Australia.
As at 31 December 2004, the Company owned net proved reserves of approximately
2.2 billion barrels-of-oil equivalent and its annual daily average net
production was 382,513 barrels-of-oil equivalent per day.
The Company had 2,524 employees.
CNOOC LIMITED - Relationship with its parent company, CNOOC
CNOOC Limited, incorporated in Hong Kong, is a 70.6% held subsidiary of China
National Offshore Oil Corporation ("CNOOC"). CNOOC Limited is the sole vehicle
through which CNOOC carries out oil and gas exploration, development,
production and selling activities offshore China and internationally.
CNOOC, the parent company, is involved in the administrative, research and
services functions for the People's Republic of China's offshore petroleum
industry as well as other mid- or down-stream petroleum projects.
*** *** ***
This press release contains statements that are not historical facts,
including statements about beliefs and expectations of the directors of CNOOC
Limited (the "Company"). These forward-looking statements are based on current
plans, estimates and projections, and therefore you should not place undue
reliance on them. Forward-looking statements speak only as of the
3
date they are made, and the directors of the Company undertake no obligation
to update publicly any of them in light of new information or future events.
Forward-looking statements involve inherent risks and uncertainties. You are
cautioned that a number of important factors could cause actual results to
differ materially from those contained in any forward-looking statement. Such
factors include, but are not limited to, changes in the PRC economic,
political and social conditions as well as government policies.
*** *** ***
For further enquiries, please contact:
Mr. Xiao Zongwei
Director of Investor Relations
CNOOC Limited
Tel: +86-10-8452-1646
Fax: +86-10-8452-1441
E-mail: xiaozw@cnooc.com.cn
Ms. Sharon Fung
Ketchum Newscan Public Relations Ltd
Tel: +852-3141-8082
Fax: +852-2510-8199
E-mail: Sharon.Fung@knprhk.com
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report on Form 6-K to be signed
on its behalf by the undersigned, thereunto duly authorized.
CNOOC Limited
By: /s/ Cao Yunshi
-------------------------------
Name: Cao Yunshi
Title: Company Secretary
Dated: April 29, 2005