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CNOOC LNG corporate summary

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24 October 2017

CNOOC LNG corporate summary

Report summary

CNOOC is the largest LNG importer in China, accounting for 63% of the country's LNG imports in 2016. The NOC is facing strong competition from emerging buyers that have started importing cargoes in eastern and southern China. This has motivated CNOOC to rely on the spot market and to take cheap spot cargoes to dilute its expensive contracted volumes. Although China's gas demand recovery so far has mainly come from the northern provinces, CNOOC's long-term growth potential remains substantial as the coal-to-gas switching policy is likely to expand to southern provinces.

Table of contents

  • Executive summary
  • Corporate figures
  • SWOT analysis
  • Major marketing areas
    • World’s third biggest LNG buyer has mandate to procure LNG for China
    • CNOOC's dominant position in the South is under threat
    • CNOOC has a relatively flat annual demand profile
    • International trading strategy has yet to be proven
    • Recent history has seen a shift towards portfolio players
    • Contracted LNG will be supplemented with cheaper spot imports
    • Domestic offshore production mainly complements LNG in Guangdong
    • Has appetite for long-term supply returned?
    • Benefited from S-curve, cap and floor structure
    • Expensive LNG contracts are an issue for CNOOC
    • Expensive domestic piped gas production is compounding the issue
    • Possible remedy to increase spot purchase or initiate price reviews
    • Market deregulation is also weighing on CNOOC's gas sales price

Tables and charts

This report includes 13 images and tables including:

  • Executive summary: Image 1
  • CNOOC LNG supply-demand forecast
  • Contracted LNG by seller
  • Corporate figures: Image 1
  • SWOT analysis: Table 1
  • Major marketing areas: Image 1
  • CNOOC LNG imports vs market share
  • CNOOC WACOG vs competition
  • Average cost of supply by seller (2017 to 2026)
  • Pricing analysis: Image 3
  • Market analysis: Image 2
  • CNOOC LNG imports by country (top 4)
  • CNOOC ACQ vs offtake (2016)

What's included

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    CNOOC LNG Corporate Summary.xlsx

    XLSX 220.86 KB

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