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CNOOC corporate report

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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