Company Report
CNOOC corporate report
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Report summary
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.
Table of contents
- SWOT Analysis
-
Organisational structure
- Overview
- Key targets
- Recent market performance
- Overview
- Company capex targets
- Wood Mackenzie outlook
- Balance sheet
- Financial swing factors
- Current strategic positioning
- Overview
- Growth themes
- China
- International
- Production outlook
- Overview
- Oil
- Gas
- New project returns
- Investment focus
- Business development options
- Overview
- Exploration
- M&A
- Overview
- Offshore wind
- Investment
- Carbon emissions
- Valuation
- Investment
- Production
- Reserves and resources
- Economic assumptions
Tables and charts
This report includes 37 images and tables including:
- Upstream EV vs. Upstream NPV10
- Upstream portfolio sensitivities vs. NPV,10
- Current NPV,10 vs. Future NPV,10
- Base case upstream NPV,10
- Forecast development expenditure (nominal)
- Forecast operating expenditure (nominal)
- New project returns
- Reported development costs
- Reported and WM forecast production
- Oil 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
- Base price assumptions (nominal terms)
- High price assumptions
- Low price assumptions
- Valuation assumptions
- Foreign exchange rate assumptions
- Share price performance (Jan - Dec 2020)
- Market premium / discount to WM NPV10
- Net debt outlook (including WMPs)
- Corporate cash flow breakeven price
- Upstream value by resource theme
- Benchmark: NPV domestic vs international exposure
- Strategic fit of upstream regions
- Benchmark: indexed production by peer group
- Production in China vs. International
- Production of Oil vs. Gas
- New project returns (including under development)
- CNOOC Ltd: new project returns
- Upstream development costs
- International upstream development costs by region
- Upstream emissions intensity (average 2020-2030)
- Breakdown of carbon emissions by source (average 2020-2030)
What's included
This report contains:
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