Company report
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16 Pages

CNOOC corporate report

CNOOC corporate report

Report summary

Lower oil prices have forced CNOOC Ltd to redefine its strategy. Aggressive cost cutting has been a dominant feature. International business development has been put on ice, with a shift in strategic focus towards organically-generated opportunities. But sustained production declines are a very real risk without a new investment phase.

What's included?

This report includes 2 file(s)

  • CNOOC corporate report PDF - 868.26 KB 16 Pages, 7 Tables, 14 Figures
  • CNOOC Corporate Report.xls XLS - 3.39 MB


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
    • SWOT Analysis
    • Organisational structure
    • Executive summary
      • Strategic success factors
  • Strategy
    • Focus on cost cutting as business development is put on the backburner
    • A golden opportunity for a new phase of international build
  • Valuation
  • Financial health
    • Financial health overview
  • Resources, reserves and production
    • Production overview
    • Resources and reserves overview
  • Portfolio summary
  • Economic assumptions
    • Economic assumptions

In this report there are 21 tables or charts, including:

  • Executive summary
    • Executive summary: Table 1
  • Strategy
    • Upstream Portfolio Analysis by country/province
    • Country distribution of international assets with NPV, 10 < US$300 million
    • Benchmark: top players on WM reserve replacement through exploration 2014-15
    • Benchmark: net deepwater acreage by status
  • Valuation
    • Post oil price crash relative share price performance
    • Evolution of market premium/discount to WM base-case
  • Financial health
    • Evolution of year-end net debt (CNOOC Ltd)
    • Breakdown of Brent price needed to achieve cash flow neutrality
  • Resources, reserves and production
    • CNOOC Ltd: reported and forecast production
    • Benchmark: production CAGR
    • Benchmark: resource breakdown
    • Benchmark: WM reserves life
  • Portfolio summary
    • Key assets
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Base price assumptions (nominal terms)
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Low price assumptions
    • Valuation assumptions
    • Foreign exchange rate assumptions
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