Company Report
CNOOC oil and gas exploration summary
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
As CNOOC Ltd's is focused on increasing production to ensure national energy security. Exploration is crucial in executing its targets. The National Oil Company consistently allocates approximately 20% of its upstream budget to exploration and appraisal, significantly higher than the Majors. Mature shelf areas in China contribute the bulk of production. Domestically, the company has ventured into deepwater exploration in the South China Sea, with an emphasis on finding gas. Internationally, CNOOC Ltd holds acreage in prolific basins offshore Latin America and West Africa.
Table of contents
- Exploration Strategy
- Exploration results
- Current portfolio and exploration outlook
- Production and potential cost of production
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Value creation
- Maturing domestic Chinese shelf areas continue to drive value with further potential in the deep-water South China Sea
- Deepwater exploration in Guyana transforms CNOOC Ltd's international portfolio
Tables and charts
This report includes the following images and tables:
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Map: CNOOC Ltd’s current acreage - top 15 countries (in 000' km2)Net exploration and appraisal wells by country (2014-2023)Net exploration and appraisal wells outside of China (2015-2024)
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Exploration & appraisal spend and reinvestmentExploration success ratesLargest 10 conventional discoveries (net, 2015-2024)Volumes discovered by yearVolumes discovered by water depthVolumes discovered by countryVolumes discovered by basinProduction from new field discoveries as a proportion of all future productionDiscovery, development and operating costs for commercial and viable resources
- 6 more item(s)...
What's included
This report contains:
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