CNOOC stayed the course in 2020, seemingly unfazed by low oil prices and escalating US-China tensions. It is sticking to its counter-cyclical investment programme, having made the smallest budget cut of all NOCs globally, targeting overseas growth in top-tier plays – Guyana, Brazil and Russian LNG. In our latest corporate report, we analyse CNOOC Ltd’s strategic priorities: 1) Project execution – can CNOOC deliver its key growth projects within a delicately balanced financial framework? 2) Business development – a refresh of longer-term growth options is required: is M&A back on the cards? 3) Decarbonisation – as China progresses its 2060 net zero ambition, CNOOC needs to provide more clarity around carbon strategy, targets and investment plans.