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 2019 Operating Guidance Outlook 3
2019 Operating Strategy Steadily increase oil and gas reserves and production levels Promote high-quality development of the Company Digital transformation helps improve core businesses Maintain prudent financial policy and…
2019 Overview Capex budget of RMB70-80 billion Production target of 480-490 mmboe Six new projects to come on stream in 2019 Reserve Replacement Ratio (RRR) of 120% Maintain high standards on HSE performance 5
Capex Plan Increase Capex to support the Company's high-quality development (RMB bn) 80 70-80 63.0 60 50.1 40 20 0 2017 2018E 2019B Exploration Development Production Others 6
2019 Capex Breakdown Capex in China will increase substantially in 2019 19% 20% 62% 38% 59% Exploration Development Production Others China Overseas 7
Enhanced Efforts on Exploration Enhance efforts on exploration and maintain high-quality exploration results to support the Company's mid-to-long term sustainable growth Exploration wells 173 164 2018E 2019B 2 3D Seismic…
Increase Domestic Exploration Activities Domestic exploration accounts for a high proportion of Natural Gas Exploration in Offshore China total investment Focus on mid-to-large discoveries, and stress value- driven exploration…
Actively Engage in Overseas Exploration Overseas Exploration Investment Accelerate the progress of existing projects Actively participate in high-quality new projects and continuously expand the exploration radius 10
Recoverable Resources of More Than 5 Billion BOE in the Stabroek Block Guyana High resource potential 5 discoveries were achieved in 2018 10 successful discoveries have been made to date The recoverable resource increased from 3.2…
Great Exploration Potential Excellent petroleum geological conditions Excellent source rock Multiple types and high-quality oil Santonian - Maastrichtian Deposition bearing reservoirs SKIPJACK Various plays PAYARA…
Stabroek Work Plan Focus on three areas Hammerhead appraisal First Miocene Oil discovery Encountered approximately 60 meters of high- porosity and high-permeability sandstone reservoir More appraisal required, expected completion…
Development and Production Promote Stable Production Development Capex Ensure the key projects to proceed construction on schedule China: Lingshui 17-2, Liuhua 16-2/20-2, Luda 21-2/16-3S, etc. Overseas: Liza Phase I, Appomattox, etc.…
Production Target 600 mmboe 480-490 475 400 35% 37% 200 65% 63% 0 2018E 2019B China Overseas 2019 production target of 480-490 mmboe, with oil and gas representing 81% and 19%, respectively. 15
New Projects in 2019 Project Location Expected Startup Peak(boe/d) Production Working Interests Egina oil field Nigeria Commenced 200,000 45% production Huizhou 32-5 oil field comprehensive Eastern South Commenced…
Egina Oil Field Located 130km away from Nigeria coast Ultra-deepwater development project with water depth of 1,600 meters Facility details: One FPSO 44 subsea wells Peak production: 200,000 boe/day CNOOC Limiteds interest: 45%…
Appomattox Project Located in the US Gulf of Mexico 130 km from Louisiana, including Appomattox and Vicksburg fields Ultra-deepwater development project with water depth of 2,200 meters Facility details: One central platform 15…
Bozhong 34-9 Oil Field Located in Bohai with water depth of 18 meters Facility details: One central platform and one wellhead platform 60 producing wells Peak production: 22,500 boe/day CNOOC Limiteds interest: 100% Dongying…
Caofeidian 11-1/11-6 Comprehensive Adjustment Located in Bohai with water depth of 20 - 25 meters Facility details: Two central platforms 89 producing wells Peak production: 28,700 boe/day CNOOC Limited acts as the operator and…
A Long Pipe of Projects Support Production Growth Offshore China Overseas Qinhuangdao 33-1S oil field Lingshui 17-2 gas fields Hokchi oil field Bozhong 19-6 gas field test Jinzhou 25-1 oil field 6/11 area Liza oil field Phase I…
Three-year Rolling Target Increase oil and gas reserve and production levels to improve shareholder returns 600 (mmboe) 535-545 505-515 480-490 475 41% 400 35% 37% 41% 200 65% 63% 59% 59% 0 2018 Estimate 2019 Budget…
Promote High-quality Development of the Company Strategy leads development Effectively carry out strategies Continue to optimize strategic investment management through quality and efficiency enhancement Speed up transformation and…
Explore the Offshore Wind Power Industry In line with the low-carbon development trend in global energy industry, we actively explore the offshore wind power industry, and build competitiveness in low-carbon sector. Great market…
Digital Transformation Helps Improve Core Businesses Advancing the construction of smart oil fields to effectively improve production efficiency and reduce operating costs Intelligent Exploration Big data to integrate the…
Digital Transformation Helps Improve Core Businesses Elastic Compute AI+ Machine Service Learning Cloud System Construction Global presence with intensive IoT Service Data and management Analytics Service Effectively support the…
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