CNOOC’s strategic focus has turned back to growth. Through M&A and exploration success, CNOOC Ltd has established a geographically and functionally diverse upstream portfolio. The NOC is continuing to strengthen offshore China exploration as its backbone and expanding internationally in key growth themes including natural gas, deepwater and tight oil. Over the study period, CNOOC Ltd has added 7.6 bnboe of resources, mainly from conventional exploration, resulting in overall value creation of US$15 bn and a return of 14%. This places the NOC among top value-creating explorers for 2009-2018. This performance was driven by successful domestic exploration and increased appraisal drilling. China accounted for 69% of resource adds and its value creation made up for losses elsewhere. Internationally, CNOOC’s equity in ExxonMobil's Guyana discoveries has added over 15% of total discovered resources and is the stand-out contributor to the NOC’s value creation.