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Strategy update: CNOOC 2020 strategy preview

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20 January 2020

Strategy update: CNOOC 2020 strategy preview

Report summary

CNOOC Ltd’s latest strategy update highlights its commitment to a traditional upstream business model, in contrast to industry trends du jour. The company is eschewing capital discipline and the focus on shareholder returns in favour of higher production targets and more spending. But there was no discussion on the energy transition at the 2020 strategy update. This felt like a missed opportunity, particularly for a company with an internal new energies business unit.

Table of contents

  • Overview
    • Investment returns to pre-crash levels
    • High-risk exploration and IOR are critical to long-term success
    • Upgraded production outlook
    • No dividend update but yield remains competitive

Tables and charts

This report includes 3 images and tables including:

  • CNOOC Ltd: upstream capex guidance vs realised spend

What's included

This report contains:

  • Document

    Archive - CNOOC 2019 Strategy Preview.pdf

    PDF 722.33 KB

  • Document

    Strategy update: CNOOC 2020 strategy preview

    ZIP 1.52 MB

  • Document

    Strategy update: CNOOC 2020 strategy preview

    ZIP 1.50 MB