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CNOOC oil and gas exploration summary

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27 September 2019

CNOOC oil and gas exploration summary

Report summary

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.

Table of contents

  • Upstream strategy
  • Exploration outlook
  • Other CNOOC research
  • Evolution of exploration strategy
    • Domestic success from the Bohai Gulf core area.
    • Pearl River Mouth and Qiongdongnan shelf and deepwater successes add to domestic results
    • International performance transformed by Nexen assets
    • Unconventionals: Eagle Ford success undermined by cash carry, and stalling domestic activity

Tables and charts

This report includes 21 images and tables including:

  • Net active exploration acreage by water depth
  • Net active exploration acreage by country*
  • Exploration & appraisal spend and reinvestment
  • Exploration & appraisal spend by water depth
  • Exploration & appraisal spend by basin maturity (2009-2018)
  • Discovery costs by water depth
  • Gross conventional exploration & appraisal wells by basin and sector (2009-2018)
  • Exploration wells drilled and spend per well
  • Exploration success rates
  • Top 40 Discoveries (2009 to 2018)
  • Key organic unconventional plays
  • Volumes discovered by year
  • Volumes discovered by water depth
  • Volumes discovered by country (2009-2018)
  • Volumes discovered by basin (2009-2018)
  • Production from new field discoveries and organic unconventionals during 2009-2018, and as a proportion of all future production
  • Full-cycle economics
  • Full cycle value creation by year, with uncons
  • Exploration returns by year, with uncons
  • Costs and development value by reserve category
  • Exploration returns by water depth

What's included

This report contains:

  • Document

    CNOOC oil & gas exploration summary.xlsb

    XLSB 307.35 KB

  • Document

    CNOOC oil and gas exploration summary

    PDF 980.76 KB

  • Document

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    ZIP 1.14 MB

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