CNOOC is the fifth-best explorer in our coverage on a value creation basis. Its substantial value creation is anchored by step-out exploration in the mature Bohai Gulf (North China Basin). This on low-risk, infrastructure lead targets underpins an exceptional 22% rate of return for conventional exploration over the last ten years.
CNOOC has increasingly focussed on high-impact deepwater exploration. The acquisition of Nexen, in 2012, cemented CNOOC as a serious international deepwater contender, and since the transaction, CNOOC has achieved an exceptional 67% overall deepwater success from its international drilling.
Here, we analyse CNOOC’s conventional and unconventional exploration strategy, and its exploration performance over the period 2005-2014. We analyse investment, E&A well activity, volume discovered, discovery cost, reserve replacement ratio, value creation and rates of return, and also outline future exploration plans. The report includes a detailed data download.
This report includes 2 file(s)
- CNOOC oil and gas exploration summary PDF - 553.76 KB 15 Pages, 6 Tables, 20 Figures
- CNOOC Ltd.xls XLS - 597.50 KB