SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
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REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For November 1, 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
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(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
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(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): N/A.)
Company Announcement
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CNOOC Limited
(Incorporated in Hong Kong with limited liability under the Companies Ordinance)
(Stock Code: 883)
ANNOUNCEMENT
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The Board hereby announces certain selected unaudited key operational
statistics of the Group for the third quarter of 2005 (ended 30 September
2005). The comparative statistics for the third quarter of 2004 (ended 30
September 2004) 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 (the "Group") for the third quarter of 2005 (ended 30
September 2005). The comparative statistics for the third quarter for 2004
(ended 30 September 2004) are also disclosed in this announcement.
Both third quarter ended 30 September 2005 and nine months financial results
for the Company reached a historic record high. The Company's total unaudited
revenues amounted to RMB14.87 billion (equivalent to US$ 1.82 billion) for the
third quarter of 2005, a 30.8% increase from the third quarter of 2004. Total
revenues for the first nine months of 2005 year-on-year ("YOY") jumped by
44.2% to RMB 39.75 billion (equivalent to US$ 4.83 billion).
Total net production in the third quarter of 2005 was 427,414 barrels of oil
equivalent (BOE) per day, compared with 404,571 BOE per day for the same
period in 2004. During the period, net daily production offshore China grew
6.8% YOY to 388,060 BOE. Offshore China production for the first nine months
of this year increased 15.2% YOY to 385,091 BOE.
For this period, the Company's oil and gas sales reached a level of RMB14.76
billion (equivalent to US$ 1.81 billion), an increase of 31.2% YOY. The oil
and gas sales for the first nine months amounted to RMB 39.49 billion
(equivalent to US$ 4.79 billion), which represents an increase of 44.8%.
The average realized oil price in the third quarter increased 30.1% to
US$52.40 per barrel, compared to US$40.28 for the prior-year period. The
average realized gas price was US$2.94 per thousand cubic feet, an increase of
2.2% compared to US$2.87 in the same period last year. And year-to-date
average realized oil and gas prices were US$46.74 per barrel and US$2.94 per
thousand cubic feet respectively.
In the third quarter, the Company made 3 new discoveries and completed 4
successful appraisals offshore China. During the period, two projects,
including Bongzhong (BZ) 25-1/25-1S and Nanbao (NB) 35-2 came on stream
successfully.
Third Quarter and Year-to-Date Production Summary
2005 2004
Q3 YTD Q3 YTD
Crude Oil & Liquids (b/d)
Bohai Bay 188,882 175,868 135,438 130,371
Western South China Sea 46,712 50,399 55,644 57,736
Eastern South China Sea 96,247 105,977 117,366 96,488
East China Sea 1,603 1,840 2,056 2,278
Overseas 22,963 22,601 27,315 30,296
Subtotal (b/d) 356,406 356,684 337,819 317,168
2005 2004
Q3 YTD Q3 YTD
Natural Gas (mmcf/d)
Bohai Bay 49 48 49 45
Western South China Sea 245 226 237 208
Eastern South China Sea - - - -
East China Sea 18 18 15 17
Overseas 98 90 84 86
Subtotal (mmcf/d) 410 383 384 356
Total Production (boe/d) 427,414 422,714 404,571 378,799
Third Quarter and Year-to-Date Revenue and Expenditure (Unaudited)
RMB millions US$ millions(1)
2005 2004 2005 2004
Q3 YTD Q3 YTD Q3 YTD Q3 YTD
Sales Revenue
Oil & Gas Sales 14,758.4 39,492.4 11,244.9 27,272.5 1,808.5 4,794.0 1,358.6 3,295.0
Marketing Revenue, 62.8 146.4 87.2 187.7 7.7 17.8 10.5 22.7
net
Others 49.1 112.2 35.1 104.9 6 13.6 4.2 12.7
Total 14,870.3 39,751.0 11,367.2 27,565.1 1,822.2 4,825.4 1,373.4 3,330.4
Capital Expenditures
Exploration 613.2 1.473.1 747.5 1,718.4 75.1 178.8 90.3 207.6
Development 3,815.8 10,572.4 3,595.5 8,445.9 467.6 1,283.4 434.4 1,020.4
Others 19.6 1,056.2 11.3 5,021.6 2.4 128.2 1.4 606.7
Total 4,448.7 13,101.7 4,354.3 15,185.9 545.1 1,590.4 526.1 1,834.7
(1) For the purpose of this announcement, unless otherwise indicated, the
translations of Renminbi into US dollars have been made at the rate of
RMB8.1606 to US$1.00 (for the third quarter of 2005), and at the rate of
RMB8.2379 to US$1.00 (average rate for the nine months ended September
2005), based on rates published by the People's Bank of China. These
translations are for the purposes of illustration only and no
representation is made by the Company that any amounts in Renminbi and US
dollars can be or could have been at the relevant dates converted at the
above rates or any other rates or at all.
The Board comprises:
Executive Directors
Fu Chengyu (Chairman)
Luo Han
Zhou Shouwei
Cao Xinghe
Wu Zhenfang
Wu Guangqi
Yang Hua
Independent non-executive Directors:
Chiu Sung Hong
Kenneth S. Courtis
Evert Henkes
Tse Hau Yin, Aloysius
Lawrence J. Lau
By Order of the Board
CNOOC Limited
Cao Yunshi
Company Secretary
Hong Kong, 31st October, 2005
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
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Name: Cao Yunshi
Title: Company Secretary
Dated: November 1, 2005