CNOOC Limited, Company Intelligence Report

Date: May 29, 2015
Pages: 170
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Report type: Strategic Report
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CNOOC Limited, Company Intelligence Report

Summary

China National Offshore Oil Corporation (CNOOC) is an upstream energy company engaged in the exploration, development and production of oil and natural gas. It has Exploration and Development (E&D) activities in conventional and unconventional resource plays. Its unconventional resource plays are in China, Canada and the US. CNOOC has assets in Asia, Oceania, Africa, North America, South America and Europe.

CNOOC had approximately 4.5 billion barrels of oil equivalent (boe) in net proved reserves in 2014 of which approximately 55.5% were in China. In 2014, it acquired 13,034.5 mi (20,977 km) of 2D seismic data and 10,154.9 mi2 (26,301 km2) of 3D seismic data and drilled 138 exploration wells. The company made 20 new discoveries in 2014, of which 15 were in Offshore China and 5 were in overseas. In 2014, 13 new projects came on stream. The company successfully appraised 48 wells worldwide in 2014. In 2013, it made 18 new discoveries, of which 10 were in China. For 2015, it planned to acquire approximately 22,369 mi (36,000 km) of 2D seismic data and 8,699 mi2 (14,000 km2) of 3D seismic data and will drill 162 exploration wells. In Q1 2015, it made three new discoveries and successfully appraised 12 wells worldwide.

Scope
  • Key Highlights: This section provides detailed analysis on the company’s overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, Capex funding, geographical results of oil and gas operations.
  • Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals.
  • SWOT: The report’s SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market.
  • Production and Development Overview: This section highlights the company’s crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the company’s producing and development assets.
  • Exploration: This section includes detailed explanation and analysis on the company’s exploration assets resulted due to new discoveries, new drilling and other activities.
  • M&A trends: This section mainly provides information and analysis on the company’s recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the company’s status as a buyer or seller during the analyzed period.
  • Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method.
  • Peer Group Analysis: This section compares the company’s performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters.
  • Financial and Operational Metrics: This section covers the company’s historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.
Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to
  • Provide detailed analysis to those who are interested in knowing the companies’ existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates.
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies.
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
1 TABLE OF CONTENTS

LIST OF TABLES

LIST OF FIGURES

2 CNOOC LIMITED, COMPANY OVERVIEW

3 CNOOC LIMITED, KEY HIGHLIGHTS

3.1 Production Growth of 10-15% in 2015 due to Strong Lineup of Upcoming Projects and Strengthen its Hold in Offshore China
3.2 Active E&D Program and Surplus E&D Spending Level to Support its Future Development

4 CNOOC LIMITED, SWOT ANALYSIS

4.1 Strengths
  4.1.1 Strengthening Asset Portfolio by Adding New High-Quality Projects Every Year
  4.1.2 Maintaining Long-Life, Well-Established Resource Base by Making New Discoveries Every Year
  4.1.3 Strong Technical Expertise in Executing Offshore Projects
4.2 Weaknesses
  4.2.1 Higher Cost of Drilling in Offshore Projects in China and Gulf of Mexico
  4.2.2 Low Reserve Life Index
4.3 Opportunities
  4.3.1 E&D Potential to Expand Resource Base Overseas
4.4 Threats
  4.4.1 Falling Crude Oil Prices

5 CNOOC LIMITED, EXPLORATION, DEVELOPMENT AND PRODUCTION OVERVIEW

5.1 Production Profile
5.2 Exploration and Development Profile
5.3 Asset Portfolio
  5.3.1 Offshore China
  5.3.2 Overseas

6 CNOOC LIMITED, CAPITAL EXPENDITURE

6.1 Costs Incurred

7 CNOOC LIMITED, ACREAGE

8 CNOOC LIMITED, FORECAST PRODUCTION

9 CNOOC LIMITED, PEER COMPARISON

9.1 Share Price Performance
9.2 Operational and Financial Performance
9.3 Key Financial and Operational Ratios

10 CNOOC LIMITED, PRODUCTION AND RESERVES TRENDS

10.1 Total Oil and Gas, Reserves and Production
  10.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2010-2014
  10.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2010-2014
  10.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2010-2014
10.2 Crude Oil/Liquids Production and Reserve
  10.2.1 Crude Oil/Liquids Production and Reserve Trend, 2010-2014
  10.2.2 Crude Oil Production and Reserves By Country/Region, 2010-2014
  10.2.3 Crude Oil/Liquids Reserve Changes, 2010-2014
10.3 Natural Gas Production and Reserve
  10.3.1 Natural Gas Production and Reserve Trend, 2010-2014
  10.3.2 Natural Gas Production and Reserves, By Country/Region, 2010-2014
  10.3.3 Natural Gas Reserve Changes, 2010-2014
10.4 Total Crude Oil and Natural Gas Reserves Life Index
  10.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2010-2014
  10.4.2 Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2010-2014

11 CNOOC LIMITED, E&P COSTS TRENDS

11.1 Allocation of the Upstream Capital Expenditure
  11.1.1 Upstream Capital Expenditure, 2010-2014
  11.1.2 Acquisition Costs By Country/Region, 2010-2014
  11.1.3 Exploration and Development Costs, By Country/Region, 2010-2014
11.2 Oil and Gas Cost Per boe, US$/boe
  11.2.1 Oil and Gas Cost Per boe, US$/boe, 2010-2014
  11.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2010-2014

12 CNOOC LIMITED, RESERVE REPLACEMENT RATIO

12.1 Oil and Gas Production Replacement Ratio
  12.1.1 Oil and Gas Production Replacement Ratio, 2010-2014
  12.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2010-2014

13 CNOOC LIMITED, RESULTS OF OIL & GAS OPERATIONS TREND

13.1 Oil and Gas Revenue and Expenses
  13.1.1 Oil and Gas Revenue and Expenses, 2010-2014
  13.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2010-2014
13.2 Oil and Gas Revenue and Expenses, Per boe
  13.2.1 Oil and Gas Revenue and Expenses, By boe, 2010-2014
  13.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2010-2014
13.3 Oil and Gas Performance Metrics

14 CNOOC LIMITED, LAND HOLDINGS AND WELL DATA

14.1 Developed and Undeveloped Acreage
  14.1.1 Gross and Net Developed and Undeveloped Acreage, 2010-2014
  14.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2010-2014
14.2 Well Statistics
  14.2.1 Producible Oil and Gas Well, 2010-2014
  14.2.2 Producible Oil and Gas Well, By Country/Region, 2010-2014
  14.2.3 Exploration and Development Wells Drilled, 2010-2014
  14.2.4 Exploration and Development Wells Drilled, By Country/Region, 2010-2014

15 APPENDIX

15.1 Abbreviations
15.2 Sources
15.3 Research Methodology
  15.3.1 Coverage
  15.3.2 Secondary Research
  15.3.3 Primary Research
15.4 Disclaimer

LIST OF TABLES

Table 1: CNOOC, Upcoming Projects, Offshore China, 2015
Table 2: CNOOC Limited, Number of New Projects on Stream, 2010-2015
Table 3: CNOOC Limited, Number of New Discoveries, 2010-2015
Table 4: CNOOC, Planned Projects, 2015
Table 5: CNOOC, Projects Online, 2014
Table 6: CNOOC, Total Oil and Gas Net Production, 2014
Table 7: CNOOC Limited, Historical and Forecast Production, 2012-2019
Table 8: CNOOC, Net Exploratory and Development Wells Drilled, 2014
Table 9: CNOOC, Bohai, Offshore China, Major Exploration Activities, 2014
Table 10: CNOOC, Western South China Sea, Offshore China, Major Exploration Activities, 2014
Table 11: CNOOC, Eastern South China Sea, Offshore China, Major Exploration Activities, 2014
Table 12: CNOOC, East China Sea, Offshore China, Major Exploration Activities, 2014
Table 13: CNOOC, Net Exploratory and Development Wells Drilled, 2014
Table 14: CNOOC Limited, Capital Expenditure for Key Operating Areas (CNY bil), 2012-2015
Table 15: CNOOC Limited, Total Costs Incurred (US$ bil), 2010-2014
Table 16: CNOOC Limited, Reserve Replacement Ratio (%) and Finding and Development Costs Incurred (US$/boe), 2011-2014
Table 17: CNOOC Limited, Developed and Undeveloped Acreage (km2), 2014
Table 18: CNOOC Limited, Historical and Forecast Production, 2012-2019
Table 19: CNOOC Limited and Peers, Operational and Financial Performance, 2014
Table 20: CNOOC and Peers, Total Reserves and Production (mmboe), 2014
Table 21: CNOOC Limited and Peers, Financial Ratios, 2014
Table 22: CNOOC Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014
Table 23: CNOOC Limited, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2010-2014
Table 24: CNOOC Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2010-2014
Table 25: CNOOC Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014
Table 26: CNOOC Limited, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2010-2014
Table 27: CNOOC Limited, Crude Oil Reserve Changes, mmbbl, 2010-2014
Table 28: CNOOC Limited, Natural Gas Production and Reserves Metrics, bcf, 2010-2014
Table 29: CNOOC Limited, Natural Gas Production and Reserves, By Country/Region, bcf, 2010-2014
Table 30: CNOOC Limited, Natural Gas Reserve Changes, bcf, 2010-2014
Table 31: CNOOC Limited, Oil and Gas Reserves Life Index, Years, 2010-2014
Table 32: CNOOC Limited, Oil and Gas Reserves Life Index, By Country/Region, Years, 2010-2014
Table 33: CNOOC Limited, Upstream Capital Expenditure, US$ mil, 2010-2014
Table 34: CNOOC Limited, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014
Table 35: CNOOC Limited, Exploration and Development Costs, By Country/Region, US$ mil, 2010-2014
Table 36: CNOOC Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014
Table 37: CNOOC Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2010-2014
Table 38: CNOOC Limited, Oil and Gas Production Replacement Ratio, %, 2010-2014
Table 39: CNOOC Limited, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2010-2014
Table 40: CNOOC Limited, Revenue and Expenses, US$ mil, 2010-2014
Table 41: CNOOC Limited, Revenue and Expenses, By Country/Region, US$ mil, 2010-2014
Table 42: CNOOC Limited, Oil and Gas Revenue and Expenses, US$/boe, 2010-2014
Table 43: CNOOC Limited, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2010-2014
Table 44: CNOOC Limited, Oil and Gas Performance Metrics, 2010-2014
Table 45: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014
Table 46: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2010-2014
Table 47: CNOOC Limited, Producible Oil and Gas Wells, 2010-2014
Table 48: CNOOC Limited, Producible Oil and Gas Wells, By Country/Region, 2010-2014
Table 49: CNOOC Limited, Exploratory and Developed Wells, 2010-2014
Table 50: CNOOC Limited, Exploratory and Developed Wells, By Country/Region, 2010-2014

LIST OF FIGURES

Figure 1: CNOOC Limited, Financial and Operational Overview, 2011-2014
Figure 2: CNOOC Limited, Share Price Movement, May 2014 to April 2015
Figure 3: CNOOC Limited, Production Target, 2015
Figure 4: CNOOC Limited, Location of Kenli 10-1 Oil Field, Bohai, 2015
Figure 5: CNOOC Limited, Location of Kenli 10-1 Oil Field, Bohai, 2015
Figure 6: CNOOC, Exploration Program, 2015
Figure 7: CNOOC, Global Exploration Discoveries, 2014
Figure 8: CNOOC Limited, Capital Expenditure Plan, 2015
Figure 9: CNOOC Limited, Capital Expenditure Split (%), 2015
Figure 10: CNOOC Limited, Operational Map, 2014
Figure 11: CNOOC Limited, Production Mix (%), 2012-2019
Figure 12: CNOOC Limited, Net Productive and Net Dry Exploratory and Development Wells, 2010-2014
Figure 13: CNOOC Limited, Total Number of Net Dry and Productive Exploratory Wells, 2010-2014
Figure 14: CNOOC Limited, Total Number of Net Oil and Gas Productive and Dry Exploratory Wells by Region, 2012-2014
Figure 15: CNOOC Limited, Total Number of Net Oil and Gas Productive and Dry Development Wells by Region, 2012-2014
Figure 16: CNOOC Limited, Offshore China, Operational Map, 2014
Figure 17: CNOOC Limited, Location of Bozhong 22-1 Discovery Well, 2014
Figure 18: CNOOC Limited, Location of Luda 16-3S and Kenli 16-1 Discovery Wells, 2014
Figure 19: CNOOC Limited, Location of Jinzhou 23-2 Discovery Well, 2014
Figure 20: CNOOC Limited, Location of Lingshui 17-2 Discovery Well, 2014
Figure 21: CNOOC Limited, Overseas, Operational Map, 2014
Figure 22: CNOOC Limited, Capital Expenditure by Region (CNY bil), 2011-2015
Figure 23: CNOOC Limited, Capital Expenditure Plan Breakdown by Activities and Regions (%), 2014
Figure 24: CNOOC Limited, Costs Incurred (US$ mil), 2010-2014
Figure 25: CNOOC Limited, Reserve Replacement Ratio (%) and Finding and Development Costs Incurred (US$/boe), 2011-2014
Figure 26: CNOOC Limited vs. Peers Acreage Comparison (million acres), 2011-2014
Figure 27: CNOOC Limited and Peers, Relative Share Price Performance Index (%), May2014 to April 2015
Figure 28 CNOOC Limited, Financial Parameters, 2011-2014
Figure 29: CNOOC Limited and Peer Group, Parameters (US$/boe), 2014
Figure 30: CNOOC Limited and Peer Group, Finding and Development Cost and Reserve Replacement Comparison, 2014
Figure 31: CNOOC and Peers, Reserve Life Index (years), 2014
Figure 32: CNOOC and Peers, Oil and Natural Gas Reserves and Production (mmboe), 2014
Figure 33: CNOOC Limited and Peers, Valuation Ratios, 2014
Figure 34: CNOOC Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014
Figure 35: CNOOC Limited, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2010-2014
Figure 36: CNOOC Limited, Total Oil & Gas Production, By Country/Region, mmboe, 2010-2014
Figure 37: CNOOC Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2014
Figure 38: CNOOC Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014
Figure 39: CNOOC Limited, Oil Reserves, End of Period, By Country/Region, mmbbl, 2010-2014
Figure 40: CNOOC Limited, Oil Production, By Country/Region, mmbbl, 2010-2014
Figure 41: CNOOC Limited, Crude Oil Reserve Changes, mmbbl, 2014
Figure 42: CNOOC Limited, Natural Gas Production and Reserves Metrics, bcf, 2010-2014
Figure 43: CNOOC Limited, Gas Reserves, End of Period, By Country/Region, bcf, 2010-2014
Figure 44: CNOOC Limited, Gas Production, By Country/Region, bcf, 2010-2014
Figure 45: CNOOC Limited, Natural Gas Reserve Changes, bcf, 2014
Figure 46: CNOOC Limited, Oil and Gas Reserves Life Index, Years, 2010-2014
Figure 47: CNOOC Limited, Gas Reserve Life Index, By Country/Region, Years, 2010-2014
Figure 48: CNOOC Limited, Oil & Gas Reserve Life Index, By Country/Region, Years, 2010-2014
Figure 49: CNOOC Limited, Oil Reserve Life Index, By Country/Region, Years, 2010-2014
Figure 50: CNOOC Limited, Upstream Capital Expenditure, US$ mil, 2010-2014
Figure 51: CNOOC Limited, Proved Acquisition Costs, By Country/Region, US$ mil, 2010-2014
Figure 52: CNOOC Limited, Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014
Figure 53: CNOOC Limited, Development Costs, By Country/Region, US$ mil, 2010-2014
Figure 54: CNOOC Limited, Exploration Costs, By Country/Region, US$ mil, 2010-2014
Figure 55: CNOOC Limited, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014
Figure 56: CNOOC Limited, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2010-2014
Figure 57: CNOOC Limited, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2010-2014
Figure 58: CNOOC Limited, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2010-2014
Figure 59: CNOOC Limited, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2010-2014
Figure 60: CNOOC Limited, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2010-2014
Figure 61: CNOOC Limited, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2010-2014
Figure 62: CNOOC Limited, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2010-2014
Figure 63: CNOOC Limited, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2010-2014
Figure 64: CNOOC Limited, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2010-2014
Figure 65: CNOOC Limited, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2010-2014
Figure 66: CNOOC Limited, Revenue and Expenses, US$ mil, 2010-2014
Figure 67: CNOOC Limited, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014
Figure 68: CNOOC Limited, Exploration Expenses, By Country/Region, US$ mil, 2010-2014
Figure 69: CNOOC Limited, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014
Figure 70: CNOOC Limited, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014
Figure 71: CNOOC Limited, Oil & Gas Revenue, By Country/Region, US$ mil, 2010-2014
Figure 72: CNOOC Limited, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014
Figure 73: CNOOC Limited, Production Costs, By Country/Region, US$ mil, 2010-2014
Figure 74: CNOOC Limited, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014
Figure 75: CNOOC Limited, Oil and Gas Revenue and Expenses, US$/boe, 2010-2014
Figure 76: CNOOC Limited, Exploration Expenses per boe, By Country/Region, $/boe, 2010-2014
Figure 77: CNOOC Limited, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2010-2014
Figure 78: CNOOC Limited, Lifting Cost per boe, By Country/Region, $/boe, 2010-2014
Figure 79: CNOOC Limited, Annual Net Income per boe, By Country/Region, $/boe, 2010-2014
Figure 80: CNOOC Limited, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2010-2014
Figure 81: CNOOC Limited, Total DD&A per boe, By Country/Region, $/boe, 2010-2014
Figure 82: CNOOC Limited, Total Revenue per boe, By Country/Region, $/boe, 2010-2014
Figure 83: CNOOC Limited, Oil and Gas Performance Metrics, 2010-2014
Figure 84: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014
Figure 85: CNOOC Limited, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2010-2014
Figure 86: CNOOC Limited, Total Net Undeveloped Acreage, By Country/Region, Acres, 2010-2014
Figure 87: CNOOC Limited, Total Gross Developed Acreage, By Country/Region, Acres, 2010-2014
Figure 88: CNOOC Limited, Total Net Developed Acreage, By Country/Region, Acres, 2010-2014
Figure 89: CNOOC Limited, Producible Oil and Gas Wells, 2010-2014
Figure 90: CNOOC Limited, Gross Productive Gas Wells, By Country/Region, Number, 2010-2014
Figure 91: CNOOC Limited, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014
Figure 92: CNOOC Limited, Gross Productive Oil Wells, By Country/Region, Number, 2010-2014
Figure 93: CNOOC Limited, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2010-2014
Figure 94: CNOOC Limited, Net Productive Gas Wells, By Country/Region, Number, 2010-2014
Figure 95: CNOOC Limited, Net Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014
Figure 96: CNOOC Limited, Net Productive Oil Wells, By Country/Region, Number, 2010-2014
Figure 97: CNOOC Limited, Exploratory and Developed Wells, 2010-2014
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