cnooc-2010-third-quarter-review1343.pdfVIP

CNOOC LIMITED 中国海洋石油有限公司 2010 Third Quarter Review Financial and Operating Highlights for the Quarter Ending September 30, 2010 2Overview of the Third Quarter Operating Highlights Financial Achievements Total net production of 88.7mmboe, an increase of 48.8% YOY 5 new projects came on stream 5 successful appraisal wells Total revenues were RMB 38,914 million , an increase of 63.8% YOY Realized oil price of US$74.15/bbl, up 9.3% YOY 3Production Summary The strong YOY production growth of 48.8% was attributable to the production of new fields on stream from 2009, better than expected performance of existing fields, less typhoon impact, and the contribution from newly acquired projects Net Production 2010Q3 2009Q3 %Chg Crude Oil and Liquids (mmbbl) Bohai Bay 40.8 24.3 67.9% Western South China Sea 7.8 6.7 16.4% Eastern South China Sea 11.1 10.1 9.9% East China Sea 0.004 0.005 -26.5% Overseas 10.7 7.2 48.6% Subtotal 70.4 48.3 45.7% Natural Gas (bcf) Bohai Bay 11.1 7.6 46.1% Western South China Sea 34.6 28.2 22.7% Eastern South China Sea 13.8 5.0 176.0% East China Sea 0.5 0.6 -16.7% Overseas 46.8 22.9 104.4% Subtotal 106.8 64.3 66.1% Total（mmboe） 88.7 59.6 48.8% Korea Qingdao Fuzhou Xiamen Guangzhou Hong Kong Beijing 0 100 200 300 km Shanghai Bohai Bay East China Sea Western South China Sea Eastern South China Sea China Australia Indonesia Nigeria Argentina 4Annual Production Expected to Exceed Target 0 50 100 150 200 250 300 350 2009A 2010B 2010E O ffshore C hina O verseas (@WTI US$61.99/bbl) (@WTI US$75.0/bbl) (@WTI US$75.0/bbl) (mmboe) 319-329 227.7 275-290 2010 net production expected to exceed the target： New fields came on stream since 2009 with a high ramping rate Better than expected performance of existing fields with the measures such as infill drilling, adjustment on the development plan and so on Typhoon impact less than the historical average 2 acquisitions: Bridas in Argentina and increased working interest of Panyu 4-2/5-1