Disclaimer This presentation includes forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, including statements regarding expected future events, business prospectus or…
Outline Operating Strategy 2020 Operating Guidance Outlook 3
2020 Operating Strategy Steadily increase oil and gas reserves and production levels Maintain cost competitiveness Maintain prudent investment decision-making Focus on shareholder returns 4
2020 Overview Capex budget of RMB85-95 billion Production target of 520-530 mmboe Ten new projects to come on stream Reserve Replacement Ratio (RRR) of 120% Maintain high standards on HSE performance 5
Capex Plan Pursue profitable reserves and production and continue to increase Capex (RMB bn) 100 85-95 80.2 80 62.6 60 40 20 0 2018 2019E 2020B Exploration Development Production Others 6
2020 Capex Breakdown 20% 20% 62% 38% 58% Exploration Development Production Others China Overseas 7
Continue to Enhance Efforts on Exploration Exploration strategy Strengthen value-driven exploration and ensure the sustainable growth Improve exploration effectiveness and reduce exploration costs China: Target mid-to-large size…
Domestic Exploration Strategic discovery Identify the hydrocarbon source and reservoir conditions at the basin or sag level Explore of potential hydrocarbon-rich sags Explore of new fields and new types in proved hydrocarbon- rich…
Exploration Workload Continue to strengthen value-driven exploration to support sustainable growth Exploration wells 239 227 2019E 2020B 3D Seismic (000 km2) 27 24 2019E 2020B Note: Excludes…
Development and Production Development Capex Actively promote important projects China: Lingshui 17-2, Liuhua 16-2/20-2, etc. Overseas: Liza oil field phase 2, etc. Strengthen the progress control of new projects and strive to…
Production Target mmboe 600 520-530 503 36% 36% 400 200 64% 64% 0 2019E 2020B China Overseas 2020 production target of 520-530 mmboe, with oil and gas representing 81% and 19%, respectively. 12
New Projects in 2020 Project Location Expected Peak Production Working Startup (boe/d) Interests Guyana Commenced Liza oil field phase 1 production 120,000 25% Penglai 19-3 oil field block 4 Bohai First half 12,700 51%…
Liza Oil Field Phase 1 Located in the Stabroek block offshore Guyana Ultra-deepwater development project with a water depth of 1,500-1,900 meters Facility details: One FPSO 17 wells Peak production: 120,000 boe/day CNOOC…
Liuhua 16-2 Oil Field/20-2 Oil Field Joint Development Project Located 230-240 kilometers from Hong Kong in the South China Sea Water depth of 400 meters Facility details: One FPSO 18 wells Peak production: 72,800 boe/day…
Luda 16-3/21-2 Joint Development Project Located in Bohai with a water depth of 25 meters Facility details: One central platform Three wellhead platforms One production adjective platform Peak production: 26,500 boe/day CNOOC…
Bozhong 19-6 Gas Field Pilot Area Development Project Located in Bohai with a water depth of 22 meters Facility details: One wellhead platform One boosting platform Peak production: 12,000 boe/day CNOOC Limiteds interest:…
A Long Pipe of Projects Offshore China Overseas Penglai 25-6 oil field 3 area Caofeidian 2-1 oil field LLSW project Panyu 10-4 oil field Kenli 16-1 oil field Mero 1 oil field Liuhua 29-2 gas field Luda 29-1 oil field Golden Eagle…
Lingshui 17-2 Gas Fields Development Project First large-size deep-water independent gas field with a water depth of 1,450 meters Entered the development stage with development well drilling in December 2019 Created the worlds first…
Future Projects of Stabroek Block Liza oil field phase 2 Payara project FID was sanctioned in 2019 Expected to come on stream as early First oil planned in 2022 as 2023 Facilities include one FPSO and 30 Facilities include one FPSO…
Technology Advancement Free Up Heavy Oil Reserves Research and experiment for technologies of heavy oil thermal recovery Luda 27-2-A22 well saw injection and production integration for the first time Thermal recovery Production plan in…
Focus on Shareholder Returns Focus on shareholder returns and share the Companys development results with shareholders. Dividend distribution will continue to Cash flow v.s. dividends (RMB bn) consider the following factors:…
Three-year Rolling Target Focus on organic growth and accelerate reserves and production increase 590 600 (mmboe) 555 520-530 503 41% 41% 36% 400 36% 200 59% 64% 64% 59% 0 2019 Estimate 2020 Budget 2021 Target 2022…
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