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CNOOC corporate report

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18 July 2019

CNOOC corporate report

Report summary

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.

Table of contents

  • SWOT Analysis
    • Strong share price outperformance – CNOOC Ltd now trades at a premium
  • Financial framework
    • Production outlook
    • Investment focus
  • Wood Mackenzie base case valuation metrics
  • Wood Mackenzie base case investment and cost metrics
  • Wood Mackenzie base case production metrics
  • Wood Mackenzie base case reserve and resource metrics
  • Economic assumptions

Tables and charts

This report includes 40 images and tables including:

  • Strategic fit of upstream regions
  • Evolution of upstream NPV10
  • Free cash flow outlook (after dividends)
  • Dividend payout
  • Production in China vs. International
  • Production of Oil vs. Gas
  • 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)
  • 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
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions
  • Share price performance
  • Market premium / discount to WoodMac NPV10
  • Benchmarking: production outlook
  • Benchmark: China production decline rates
  • New project returns (including under development)
  • CNOOC Ltd: new project returns
  • Upstream development costs
  • International upstream development costs by region
  • CNOOC Ltd: major upstream development activity since 2015
  • Upstream cash flow outlook
  • Upstream cash flow by region

What's included

This report contains:

  • Document

    CNOOC Ltd corporate report Q2 2019.xlsx

    XLSX 1.23 MB

  • Document

    CNOOC corporate report

    ZIP 1.89 MB

  • Document

    CNOOC corporate report

    ZIP 2.23 MB

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