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Rosneft and CNOOC Ltd - two paths to NOC growth
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Report summary
The acquisitions of TNK-BP and Nexen respectively are landmark strategic steps for these two NOCs. The scale of the two deals sets them apart from the primarily Asian-led NOC acquisition spree of recent years, and signals the ambition of both companies. Other NOCs may aspire to follow their lead, but this could prove difficult in practice. Post TNK-BP there are no obvious consolidation opportunities in Russia, at least in the near term. The Canadians have all but precluded further...
Table of contents
- Executive Summary
-
Rosneft: now the largest listed oil producer in the world
- Strengthened legacy asset base will be a core near-term focus
- East Siberian projects will drive growth with risks to the upside
- Arctic offshore and tight oil are key to sustaining growth beyond 2020
- Gas business gains momentum; LNG is on the cards
-
CNOOC: Bold strategy focused on maintaining strong operational growth
- Nexen boosts production and value by 20%, expands long-term investment options
- Growth potential is shifting towards an increasingly diverse international business
- Good track record of M&A with disciplined approach expected to continue
- Exploration activity is increasing but still underweight to international opportunities
Tables and charts
This report includes 8 images and tables including:
- Benchmarking: production outlook Rosneft v Majors
- Benchmarking: Rosneft's total resources before and after the acquisition v Majors
- Rosneft and CNOOC Ltd - two paths to NOC growth: Image 3
- Rosneft and CNOOC Ltd - two paths to NOC growth: Image 4
- Impact of Nexen on CNOOC Ltd's forecast production
- Impact of Nexen on CNOOC Ltd's Total Resources
- CNOOC Ltd total production by resource theme
- Benchmark: 10-yr f'cast production by resource theme
What's included
This report contains:
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