Company Report
CNOOC oil and gas exploration summary
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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 in on both sides of the Atlantic margin: in Guyana, Brazil, plus deepwater acreage in Mexico, Gabon, and Guinea Bissau/Senegal.
Table of contents
- Exploration Strategy
- Exploration results
- Current portfolio and exploration outlook
- Production and potential cost of production
-
Value creation
- Declining production in mature basins prompts expansion to underexplored deep waters
- Transformative deepwater exploration in Guyana
- UK North Sea creates remaining value. Brazil provides upside potential. Mexico and Gabon prove disappointing
Tables and charts
This report includes 18 images and tables including:
- Map: CNOOC Ltd’s current acreage - top 15 countries (in 000' km2)
- Net exploration and appraisal wells by country (2013-2022)
- Net exploration & appraisal wells outside China (2013-2022)
- Exploration & appraisal spend and reinvestment
- Exploration success rates
- Largest 10 conventional discoveries (net, 2013-2022)
- Volumes discovered by year
- Volumes discovered by water depth
- Volumes discovered by country
- Volumes discovered by basin
- Production from new field discoveries as a proportion of all future production
- Discovery, development and operating costs for commercial and viable resources
- Full-cycle economics
- Top 10 conventional discoveries by development value (2013-2022)
- Conventional value and spend by country
- Exploration returns by water depth
- Conventional value creation
- Exploration returns by year
What's included
This report contains:
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