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 26, 2006
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
[GRAPHIC OMITTED][GRAPHIC OMITTED]
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 first quarter of 2006 (ended 31 March 2006).
The comparative statistics for the first quarter of 2005 (ended 31 March 2005)
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 first quarter of 2006 (ended 31
March 2006). The comparative statistics for the first quarter for 2005 (ended
31 March 2005) are also disclosed in this announcement.
The Company's unaudited oil and gas revenue for the first quarter of 2006
amounted to RMB16.43 billion (equivalent to US$2.039 billion), representing an
increase of 43.8% when compared to the same period in 2005. The Company also
achieved a total net daily production of 450,463 barrels of oil equivalent
(BOE), an increase of 9.5% from the same period in 2005.
Net production by the Company offshore China experienced a growth of 11% in
the first quarter of 2006 compared to the same quarter last year, reaching a
level of 415,144 barrels of oil equivalent (BOE) per day. Crude oil and
liquids production by the Company offshore China was 364,400 barrels per day.
The increase of 11.2% in crude oil and liquids production was largely due to
increases of production volume from Bohai Bay and Eastern South China Sea. Gas
production offshore China was 293 million cubic feet per day, representing an
increase of 9.9%.
Total unaudited revenues were RMB16.66 billion (equivalent to US$2.068
billion) for the first quarter of 2006, representing an increase of 45.1% when
compared to the same period in 2005. This revenue growth was largely due to
increases of net production volume and higher realized oil and gas prices. The
realized crude oil price in the first quarter of 2006 was US$58.13 per barrel.
The Company's development capital expenditure increased 10.1% to RMB3,292.9
million (equivalent to US$408.7 million) in the first quarter of 2006, as a
result of successful development activities announced at the beginning of this
year, while exploration capital expenditures increased 23.7% to RMB426.6
million (equivalent to US$52.9 million) as a result of intensified exploration
activities. In the first quarter of 2006, the Company made three new
discoveries offshore China: South BZ28-2S, BZ29-4 and QK18-2E. BZ28-2S is
likely to be one of the most significant discoveries offshore China in the
recent years.
The Company also made great progress in its overseas business development.
During this period, the Company acquired a 45% working interest in Nigeria OML
130 and 35% working interest in OPL 229, and also signed PSC with GEPetrol in
relation to Block S in Equatorial Guinea. In addition, the Company also
acquired a 25% interest in four blocks of Outer Browse in Australia.
First Quarter and Year-to-Date Production Summary
2005 2006
Crude Oil & Liquids (b/d) Q1 YTD Q1 YTD
Bohai Bay 162,420 162,420 200,473 200,473
Western South China Sea 54,146 54,146 45,820 45,820
Eastern South China Sea 109,037 109,037 116,474 116,474
East China Sea 2,152 2,152 1,634 1,634
Overseas 23,824 23,824 19,119 19,119
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Subtotal (b/d) 351,579 351,579 383,519 383,519
=========== =========== =========== ===========
Natural Gas (mmcf/d)
Bohai Bay 51 51 65 65
Western South China Sea 196 196 199 199
Eastern South China Sea 0 0 9 9
East China Sea 19 19 20 20
Overseas 82 82 97 97
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Subtotal (mmcf/d) 348 348 390 390
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Total Production (boe/d) 411,424 411,424 450,463 450,463
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First Quarter and Year-to-Date Revenue and Expenditure (Unaudited)
RMB millions US$ millions
2005 2006 2005 2006
Q1 YTD Q1 YTD Q1 YTD Q1 YTD
Sales Revenue
Crude oil and liquids 10,727.2 10,727.2 15,616.3 15,616.3 1,296.1 1,296.1 1,938.1 1,938.1
Natural gas 696.8 696.8 816.0 816.0 84.2 84.2 101.3 101.3
Marketing Revenue, 37.5 37.5 120.9 120.9 4.5 4.5 15.0 15.0
net
Others 21.3 21.3 106.8 106.8 2.6 2.6 13.3 13.3
----------- ----------- ------------ ------------ ------------ ------------ ----------- ------------
Total 11,482.8 11,482.8 16,660.0 16,660.0 1,387.4 1,387.4 2,067.6 2,067.6
=========== =========== =========== =========== =========== =========== =========== ===========
Capital Expenditures
Exploration 344.9 344.9 426.6 426.6 41.7 41.7 52.9 52.9
Development 2,991.9 2,991.9 3,292.9 3,292.9 361.5 361.5 408.7 408.7
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Total 3,336.8 3,336.8 3,719.5 3,719.5 403.2 403.2 461.6 461.6
=========== =========== =========== =========== =========== =========== =========== ===========
For the purpose of this announcement, unless otherwise indicated, an exchange
rate of US$1 = RMB8.0575 has been used for the first quarter of 2006, and an
exchange rate of US$1 = RMB8.2765 has been used for the first quarter of 2005,
where applicable, for purpose of illustration only and does not constitute a
representation that any amount have been, could have been or may be exchanged.
As at the date of this announcement, the Board comprises:
Executive Directors Independent non-executive Directors:
Fu Chengyu (Chairman) Sung Hong Chiu
Luo Han Kenneth S. Courtis
Zhou Shouwei Evert Henkes
Cao Xinghe Tse Hau Yin, Aloysius
Wu Zhenfang Lawrence J. Lau
Wu Guangqi
Yang Hua
By Order of the Board
CNOOC Limited
Victor Zhikai Gao
Company Secretary
Hong Kong, 25 April 2006
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/ Victor Zhikai Gao
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Name: Victor Zhikai Gao
Title: Company Secretary
Dated: April 26, 2006