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CNPC corporate report

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Report summary

CNPC is China's national energy champion. Shifting central government priorities and pressures to improve the efficiency and transparency of state owned enterprises have seen CNPC change strategic direction over the last five years. Rising costs and Chinese government scrutiny saw the company retreat from its increasingly bold international expansions, even before the oil price crash in 2014. But there are now signs of a return to a more expansive approach.

What's included

This report contains

  • Document

    CNPC corporate report

    PDF 1.93 MB

  • Document

    CNPC-PetroChina Update - May 2018.xls

    XLS 3.24 MB

  • Document

    CNPC corporate report

    ZIP 2.61 MB

Table of contents

  • Other CNPC research
    • Organisational Structure
    • Bearish market sentiment maintains pressure on PetroChina's stock performance
    • Strategic position
    • Managing operations at home
    • Gas procurement
    • Global resource capture
    • Development of operational capabilities
  • Portfolio summary
    • Wood Mackenzie base case valuation metrics
    • Wood Mackenzie base case investment and cost metrics
  • Production
  • Reserves and resources
  • Global upstream portfolio
  • Executive summary
  • Overview
      • Links to upstream asset analyses for top assets (access subject to entitlement)
    • Future focus
    • Upsides
    • Risks
    • Timeline
      • Links to upstream asset analyses for top assets (access subject to entitlement)
    • Future focus
    • Upsides
    • Risks
    • Timeline
      • Links to upstream asset analyses for top assets (access subject to entitlement)
    • Future focus
    • Upsides
    • Risks
    • Timeline
      • Links to upstream asset analyses for top assets (access subject to entitlement)
    • Future focus
    • Upsides
    • Risks
    • Timeline
      • Links to upstream asset analyses for top assets (access subject to entitlement)
    • Future focus
    • Upsides
    • Risks
    • Timeline
      • Links to upstream asset analyses for top assets (access subject to entitlement)
    • Future focus
    • Upsides
    • Risks
    • Timeline
      • Links to upstream asset analyses for top assets (access subject to entitlement)
    • Future focus
    • Upsides
    • Risks
    • Timeline
      • Links to upstream asset analyses for top assets (access subject to entitlement)
    • Future focus
    • Upsides
  • Economic assumptions

Tables and charts

This report includes 44 images and tables including:

Images

  • Other CNPC research: Image 1
  • CNPC: reported and WM forecast production
  • CNPC: liquid vs. gas
  • CNPC: liquid production
  • CNPC: gas production
  • CNPC total reserves: Wood Mackenzie commercial
  • CNPC total reserves: reported vs. Wood Mackenzie
  • CNPC total reserves: reported vs. Wood Mackenzie
  • CNPC reserves life: reported vs. Wood Mackenzie
  • Economic assumptions: Image 1
  • Economic assumptions: Image 2
  • PetroChina: relative share price performance
  • Benchmark: market premium / discount to WM NPV,10
  • CNPC: strategic fit of upstream regions
  • Benchmark: NPV,10 international risk exposure
  • Benchmark: evolution of upstream NPV,10
  • CNPC: production by resource theme
  • CNPC: upstream development cost outlook
  • CNPC: upstream cash flow outlook
  • Benchmark: domestic production declines
  • CNPC: top domestic assets NPV,10
  • 2018 PetroChina gas supply cost curve
  • CNPC-PetroChina LNG related interests
  • Benchmark: WM reserves and resources additions
  • Benchmark: Chinese NOCs M&A deal value
  • CNPC: non-core international assets
  • PetroChina: reported operating earnings
  • Benchmark: net acreage in key deepwater exploration provinces
  • PetroChina: exploration spend per boe (2007-2017)
  • PetroChina: Upstream EV vs. Upstream NPV,10
  • PetroChina: Upstream portfolio sensitivities
  • CNPC: base case upstream NPV,10
  • CNPC: current NPV,10 vs. future NPV,10
  • CNPC: forecast development expenditure (nominal)
  • CNPC: forecast operating expenditure (nominal)
  • PetroChina: reported and unit development costs
  • CNPC: New project returns

Tables

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

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