Company Report

CNOOC corporate report

This report is currently unavailable

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.
 

- FAQs about online orders
- Find out more about subscriptions

01 February 2021

CNOOC corporate report

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
    • 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:

  • Document

    CNOOC corporate report

    PDF 1.30 MB

  • Document

    CNOOC corporate report

    ZIP 2.23 MB