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 2018 Operating Guidance Outlook 3
2018 Operating Strategy Steadily increase oil and gas reserve and production levels Continue to reinforce quality and efficiency enhancement Strengthen innovation and technology-driven philosophy Maintain prudent financial policy and…
2018 Overview Capex budget of RMB70-80 billion Production target of 470-480 mmboe Five new projects to come on stream in 2018 Reserve Replacement Ratio(RRR) 100% Maintain high standards on HSE performance 5
Capex Plan 80 (RMB bn) 70-80 60 49.0 50.0 40 20 0 2016A 2017E 2018B Exploration Development Production Others 6
2018 Capex Distribution 16% 18% 51% 49% 65% Exploration Development Production Others China Overseas 7
Active layout of China and Overseas Exploration Exploration Capex represents no less than 18% of total Capex China Maintain value-driven exploration philosophy, and continue to target mid-to- large scale discoveries Make efforts on…
Driving Value from Overseas Assets Focusing on the strategic core areas, continue to target mid-to-large size discoveries, and expand reserve base London Calgary Canada UK and Ireland Beijing Gulf of Mexico Nigeria, Senegal…
Enhanced Efforts on Exploration Invest more resources in exploration and increase exploration activities to support the company's mid to long-term sustainable growth Exploration wells 132 126 2017E 2018B 3D Seismic (000…
Development and Production Promote Stable Production Development Capex is expected to represent 65% of total Capex Actively promote the construction of major projects Adhere to quality and efficiency enhancement to achieve low-cost…
Production Target 600 (mmboe) 470-480 469 400 36% 36% 200 64% 64% 0 2017E 2018B (Brent USD54.75/bbl) (Brent USD53.00/bbl) China Overseas 2018 production target of 470-480 mmboe, with oil and gas representing 81%…
New projects in 2018 Project Location Expected Peak Production Working Startup (boe/d) Interests Stampede oil field United States First half Note 25% Weizhou 6-13 oil field Western South First half 6,300 100% China Sea Penglai 19-3…
Stampede Oil Field Located 185 kilometers from the coast of Louisiana, and will contribute to the Companys production in Gulf of Mexico Facility details: One central platform 6 producing wells and 4 water injection wells CNOOCs…
Dongfang 13-2 Gas Fields Located in Yinggehai in South China Sea, which will further support natural gas development of South China Sea Facility details: One central platform and two wellhead platforms 30 producing wells CNOOCs…
Overseas Major Projects Plan in 2018 Buzzard Phased II : Achieve FID approval and Long Lake: Continue to optimize the producing commence construction project, promote the K1A pipeline recovery and Missan: Promote new well drilling and…
Strengthening of Quality and Efficiency Exploration High levels of success rate and capitalization rate Improved operating efficiency and strengthened finding cost competitive advantage Development Steadily enhanced operation…
Reserve Life is Expected to Rise Reserve life is expected to see significant increase Reserve from new projects including Liza and Libra will be booked Reserve from Long Lake oil sand project to be re-booked Reserve Life…
A Long Pipe of Projects Support Production Growth Offshore China Luda16-3 oil field Huizhou 32-5 comprehensive adjustment Liuhua 21-2 oil field Luda 21-2 oil field Huizhou 33-1 oil field Liuhua 16-2/20-2 joint Luda 6-2 oil field…
Sustainable Production Growth The Company will pursue quality growth and profitable production to drive growth and improve shareholder returns. 600 (mmboe) 500 485 469 470-480 400 42% 36% 36% 42% 200 64% 64% 58% 58%…
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