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...

What's included

This report contains

  • Document

    Rosneft and CNOOC Ltd - two paths to NOC growth

    PDF 513.58 KB

Table of contents

  • Executive Summary
    • 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
    • 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

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