CNOOC Ltd has returned to growth. Emboldened by Beijing’s call for greater self-reliance, spending has accelerated and is expected to remain high over the next five years. The company is in all the ‘right’ international growth areas: deepwater Guyana, Brazil, Russian LNG and US tight oil. But the positive outlook for the overseas business will be insufficient to achieve the company’s ambitious growth targets. In this report we analyse CNOOC Ltd's competitive position, strategic drivers and opportunities for business development.