CNOOC Discovers 4 Oil Fields in Indonesia

CNOOC, China's third largest oil and gas company, claims four new discoveries in Indonesian fields last year.

The company expects its production facilities of existing oil and gas fields could be leveraged for economic development of these new discoveries.

"In 2012, given that the oil and gas fields in the Southeast Sumatera (SES) PSC areas are matured fields with high water concentration and decline rate, CNOOC adopted measures to stabilize and increase production and to control decline rate," the company said on its 2012 annual report.

The company controls significant interests in a number of Indonesian oil & gas blocks, namely SES PSC, Malacca Strait PSC, and the Poleng Technical Assistance Contract (TAC). The company is the operator of the SES block and owns 65.54% interest. All of the blocks are currently at the production stage.

Additionally, the company also owns 13.9% interest in Tangguh LNG Project, which is operated by BP Plc.

CNOOC saw its 2012 net profit declined 9% to RMB63.7 billion as a result of lower operating performance in the fiscal year. The revenues inched up only 3% to RMB247.6 billion. As its expenses rose 7%, the company booked RMB87.1 billion of operating income, a 4% slip compared to the previous year's.

Total assets, meanwhile, rose 18% to RMB456 billion, while its equities increased 17% to RMB309.8 billion.