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CNOOC oil and gas exploration summary

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31 October 2018

CNOOC oil and gas exploration summary

Report summary

Over the study period, CNOOC Ltd has maintained its domestic offshore focus, drilling an average of 89 E&A wells per year in China. This has delivered 5 billion boe of net reserves from a total of 5.1 billion boe conventional resources discovered. Most recently, it has had particular success through focusing on appraisal drilling. Ongoing appraisal in the offshore Bohai Bay has proved up the multi-tcf 2017 Bozhong 19-6 discovery and the large Bozhong 29-6 oil field. We could see the size and value of other discoveries grow as appraisal continues in 2018 and beyond. China now accounts for nearly 82% of total value creation from exploration. 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. It has made steady progress building its international exploration position, although it remains relatively light on high-impact acreage.

Table of contents

  • Executive summary
    • Upstream strategy
    • Exploration outlook
    • Other CNOOC research
    • Evolution of exploration strategy
  • Investment and costs
    • Well data
    • Scope of this report
    • Production from new field discoveries and organic unconventionals, and as a proportion of all future production
    • Full-cycle economics

Tables and charts

This report includes 24 images and tables including:

  • Basins drilled and all conventional & organic unconventional discoveries 2008-2017
  • 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 (2008 to 2017)
  • 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 oil and gas exploration summary

    PDF 1.06 MB