In 2013, CNOOC (China) exceeded its production target set at the beginning of the year, with a net oil and gas production of 412 mboe, representing a 20% increase year-over-year (yoy), including 60.8 mboe contributed by Nexen (Canada). During the year, a total of 7 new projects commenced production in succession, and Liuhua 19-5 has also come online in early 2014. CNOOC continued to increase its investment in exploration: 18 new discoveries were made and 20 oil and gas structures were successfully appraised. As at the end of 2013, CNOOC owned net proved reserves of approximately 4.43 Gboe. The reserve replacement ratio of the year amounted to 327%. In 2013, the company’s average realized oil price was US$104.60/bbl, representing a decrease of 5.3%, and CNOOC’s average realized gas price was US$5.78/1,000 cf, representing an increase of 0.2% yoy. In addition, CNOOC’s oil and gas sales revenue rose by 16.3% yoy to Cyu 226.45bn (US$36.5bn).