Company report

CNPC corporate report

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Report summary

CNPC's strategic direction started to change before the oil price crash of 2014. Rising costs and Chinese government scrutiny saw a move away from increasingly bold international expansion. Weak fundamentals and government pressure to improve the efficiency and transparency of state owned enterprises has seen further retrenchment over the last two years. But growth prospects have been damaged by deep cuts and production declines beyond 2018 are a very real risk without a recovery in investment. There are signs that CNPC is starting to re-engage in international business development and this could signal a more expansive approach in 2017, led by government-to-government initiatives. We also expect a return to international M&A but timescales are uncertain and could depend on a sustained period of higher oil prices.

What's included

This report contains

  • Document

    CNPC corporate report

    PDF 832.34 KB

  • Document

    CNPC corporate report

    ZIP 1.66 MB

  • Document

    CNPC-PetroChina Corporate report.xls

    XLS 3.37 MB

Table of contents

Tables and charts

This report includes 25 images and tables including:


  • Benchmarking: international portfolio country risk exposure
  • Upstream portfolio analysis by country/province
  • CNPC: production by resource theme
  • Benchmark: evolution of upstream NPV,10
  • Benchmark: net acreage in key deepwater exploration provinces
  • Benchmark: Chinese NOC M&A deal value
  • Relative share price performance since 2015
  • Evolution of market premium/discount
  • Domestic asset NPV,10
  • Top international assets, NPV,10
  • Evolution of year-end net debt (PetroChina)
  • Breakdown of Brent price needed to achieve cash flow neutrality (PetroChina)
  • Portfolio summary: Image 1
  • Economic assumptions: Image 1
  • Economic assumptions: Image 2
  • Production outlook
  • Reserves and resource detail
  • Benchmarking: reserves and resources detail
  • Benchmarking: reserves and resources life


  • Executive summary: Table 1
  • Base price assumptions (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions

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