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.