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CNOOC corporate report

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01 January 2018

CNOOC corporate report

Report summary

Aggressive cost cutting and financial prudence enabled CNOOC Ltd to survive at a US$50/bbl oil price. But as the external environment has stabilised, the company's strategic focus is increasingly turning towards growth in a 'lower-for-longer' world. Spending is set to rebound and management has also made a number of counter-cyclical moves that improve the medium to longer-term growth outlook. CNOOC Ltd has successfully captured a number of world-class business opportunities in Latin America and Africa, building on its offshore expertise and strong exploration credentials.

Table of contents

Tables and charts

This report includes 38 images and tables including:

  • Executive summary: Table 1
  • Upstream EV vs. Upstream NPV10
  • Upstream portfolio sensitivities vs. Upstream EV
  • Forecast development expenditure (nominal)
  • Investment: Image 2
  • Reported and unit development costs
  • New Project Returns
  • Reported and WM forecast production
  • Liquid vs. Gas
  • Liquid Production
  • Gas Production
  • Total reserves: Wood Mackenzie commercial
  • Total reserves: reported vs. Wood Mackenzie
  • Total reserves: reported vs. Wood Mackenzie
  • Reserve life: reported vs. Wood Mackenzie
  • Key assets
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Economic assumptions: Image 2
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions
  • Relative share price performance
  • Benchmark: market premium / discount to WM NPV,10
  • Strategic fit of upstream regions
  • Evolution of upstream NPV,10
  • Benchmark: domestic production declines
  • CNOOC Ltd's domestic assets
  • International production by country
  • International capital investment by country
  • WM estimates of resource additions (2011-2016)
  • Strategy: Image 10
  • Breakdown of upstream cash flow by country
  • Evolution of year-end net debt (CNOOC Ltd)
  • Benchmark: net active exploration acreage
  • Benchmark: exploration value creation by theme and basin maturity (2012-2016) - Top 10 Performers

What's included

This report contains:

  • Document

    CNOOC Ltd Corporate Report.xls

    XLS 3.59 MB

  • Document

    CNOOC corporate report

    PDF 1.14 MB

  • Document

    CNOOC corporate report

    ZIP 1.97 MB