2021 Third Quarter Review
Financial and Operating Highlights
for the Quarter Ended September 30, 2021
October 28, 2021
Disclaimer
This presentation includes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements
regarding expected future events, business prospectus or financial results. The words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will",
"project", "should", "believe", "plans", "intends" and similar expressions are intended to identify such forward-looking statements. These statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate under the circumstances. However, whether actual results and developments will meet the expectations and predictions of the Company depends on a number of risks and uncertainties which could cause the actual results, performance and financial condition to differ materially from the Company's expectations, including but not limited to the company and its controlling shareholder being listed in the list of the U.S. for sanction against companies with alleged ties to the Chinese military, those associated with fluctuations in crude oil and natural gas prices, macro-political and
economic factors, changes in the tax and fiscal regimes of the host countries in which we operate, the highly competitive nature of the oil and natural gas industry, environmental responsibility and compliance requirements, the Company's price forecast, the exploration and development activities, mergers, acquisitions and divestments activities, HSSE and insurance policies and changes in anti-corruption,anti-fraud,anti-money laundering and corporate governance laws. For a description of these and other risks and uncertainties, please see the documents the Company files from time to time with the United States Securities and Exchange Commission, including the Annual Report on Form 20-F filed in April of the latest fiscal year.
Consequently, all of the forward-looking statements made in this presentation are qualified by these cautionary statements. The Company cannot assure that the results or developments anticipated will be realised or, even if substantially realised, that they will have the expected effect on the Company, its business or operations.
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Overview of The First Three Quarters
Operation Highlights
Financial
Results
Net Production
422.2
mmboe
Oil and Gas
Sales Revenue
158.65
bn RMB
New Discoveries
18
Capex
56.96
bn RMB
Successful Appraised | New Projects |
Oil and Gas Structures | Commenced Production |
27 10
Average Realised | Average Realised |
Oil Price | Gas Price |
65.09 | 6.77 |
US$/bbl | US$/mcf |
中国海洋石油有限公司
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Production Summary (The Third Quarter)
2021 Q3 | 2020 Q3 | |||||
Crude and Liquids | Natural Gas | Total | Crude and Liquids | Natural Gas | Total | |
(mm bbls) | (bcf) | (mm boe) | (mm bbls) | (bcf) | (mm boe) | |
China | ||||||
Bohai | 45.5 | 14.8 | 48.0 | 42.3 | 13.0 | 44.5 |
Western South China Sea | 10.3 | 50.0 | 19.0 | 10.4 | 43.0 | 17.9 |
Eastern South China Sea | 23.4 | 31.0 | 28.5 | 17.1 | 36.0 | 23.1 |
East China Sea | 0.6 | 6.5 | 1.6 | 0.6 | 6.0 | 1.6 |
Onshore | - | 17.6 | 2.9 | - | 9.0 | 1.5 |
Subtotal | 79.8 | 119.8 | 100.1 | 70.4 | 107.0 | 88.6 |
Overseas | ||||||
Asia (Ex. China) | 5.7 | 14.1 | 8.2 | 4.9 | 13.8 | 7.3 |
Oceania | 0.5 | 14.2 | 3.3 | 0.5 | 13.1 | 3.1 |
Africa | 7.5 | - | 7.5 | 8.5 | - | 8.5 |
North America (Ex. Canada) | 5.1 | 9.8 | 6.7 | 6.2 | 11.4 | 8.1 |
Canada | 5.7 | - | 5.7 | 4.5 | - | 4.5 |
South America | 5.7 | 13.1 | 8.0 | 4.0 | 13.4 | 6.4 |
Europe | 4.6 | 0.5 | 4.7 | 4.6 | 0.5 | 4.7 |
Subtotal | 34.7 | 51.6 | 43.9 | 33.2 | 52.3 | 42.6 |
Total* | 114.4 | 171.5 | 144.1 | 103.6 | 159.4 | 131.2 |
*Including our interest in equity-accounted investees, which is approximately 4.2 mm boe in 2021 Q3 and 4.9 mm boe in 2020 Q3 In 2021 Q3, production percentage of China and overseas was 69% v.s. 31%; crude liquids and natural gas was 79% v.s. 21%
中国海洋石油有限公司
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Production Summary (The First Three Quarters)
2021 YTD | 2020 YTD | |||||
Crude and Liquids | Natural Gas | Total | Crude and Liquids | Natural Gas | Total | |
(mm bbls) | (bcf) | (mm boe) | (mm bbls) | (bcf) | (mm boe) | |
China | ||||||
Bohai | 133.3 | 45.5 | 140.9 | 124.5 | 41.3 | 131.4 |
Western South China Sea | 29.5 | 130.7 | 52.3 | 30.4 | 119.3 | 51.1 |
Eastern South China Sea | 69.4 | 102.7 | 86.5 | 53.3 | 109.2 | 71.5 |
East China Sea | 1.7 | 19.6 | 5.0 | 1.7 | 16.4 | 4.4 |
Onshore | - | 49.5 | 8.2 | - | 25.0 | 4.2 |
Subtotal | 233.9 | 348.0 | 292.9 | 209.8 | 311.3 | 262.6 |
Overseas | ||||||
Asia (Ex. China) | 17.6 | 41.4 | 25.0 | 12.6 | 40.8 | 19.9 |
Oceania | 1.2 | 33.2 | 7.7 | 1.3 | 35.0 | 8.2 |
Africa | 23.5 | - | 23.5 | 25.8 | - | 25.8 |
North America (Ex. Canada) | 16.9 | 31.8 | 22.2 | 17.9 | 35.8 | 23.8 |
Canada | 16.9 | - | 16.9 | 14.1 | 0.05 | 14.1 |
South America | 15.6 | 39.2 | 22.3 | 12.6 | 38.9 | 19.3 |
Europe | 11.6 | 1.1 | 11.7 | 15.0 | 2.1 | 15.4 |
Subtotal | 103.2 | 146.7 | 129.3 | 99.3 | 152.7 | 126.5 |
Total | 337.1 | 494.6 | 422.2 | 309.1 | 463.9 | 389.1 |
For the first three quarters, net production was 422.2 million boe,
which is in line with the annual production target.
中国海洋石油有限公司
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