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CNOOC oil and gas exploration summary

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31 October 2017

CNOOC oil and gas exploration summary

Report summary

Over the study period, CNOOC has maintained its domestic offshore focus, drilling an average of 66 E&A wells per year in China. This has delivered 3.9 billion boe of net reserves from a total of 4.8 billion boe conventional resources discovered, and accounts for over 80% of total value creation from exploration. CNOOC responded strongly to the weaker oil price fundamentals with overall capital investment reductions of 38% in 2015 and 10% in 2016. This partly reflects the conclusion of heavy domestic investment, but is also a result of increased focus on value. The maturity of the domestic portfolio highlights the need for renewed business development, and CNOOC Ltd is already one of the most internationally active of the Asian NOCs in 2017. It has made steady progress building its international exploration position, although it remains relatively light on high-impact acreage. Full details are provided in our report, and all data and analysis can be downloaded in excel and pdf format.

Table of contents

Tables and charts

This report includes 24 images and tables including:

  • Basins drilled and all conventional & organic unconventional discoveries 2007-2016
  • Ten year performance summary
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity
  • Discovery costs by water depth
  • SWOT grid
  • Net active exploration acreage by water depth
  • Net active exploration acreage by country*
  • Gross conventional exploration & appraisal wells by basin and sector
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Top 40 discoveries (2007 to 2016)
  • Key organic unconventional plays
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country
  • Volumes discovered by basin
  • Production: Image 1
  • Valuation: Table 1
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by reserve category
  • Exploration returns by water depth

What's included

This report contains:

  • Document

    CNOOC.xls

    XLS 718.00 KB

  • Document

    CNOOC oil and gas exploration summary

    PDF 565.77 KB

  • Document

    CNOOC oil and gas exploration summary

    ZIP 825.63 KB

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