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.