CNOOC LIMITED 2014 Strategy Preview January 20, 2014
2014 Key Objectives 7-10 new projects to lay a solid foundation for 2014 production growth Production target at 422-435 mmboe, including Nexens contribution of 69 mmboe 7-10 new projects to come on stream in 2014 Intensified efforts…
New Projects in 2014 Major new projects in 2014 Location Expected time of startup Kenli 3-2 Bohai, Offshore China First half Wenchang 13-6 Western South China Sea, Offshore China Second half Panyu 10-2/5/8 Eastern South China Sea,…
Major Project KL3-2 Located in southern Bohai An example of the Companys regional planning and development strategy, including 5 oilfields: Kenli 3-2 Bozhong 34-6 Bozhong 34-7 Bozhong 35-2 Bozhong 29-4S CNOOCs interest:…
Major Project QHD32-6 Adjustment Located in central Bohai Another example of comprehensive adjustment on producing fields, demonstrating great potential of producing assets Startup of QHD32-6: 2001 CNOOCs interest:…
Major Project EP24-2 Located in northern Pearl River Mouth Basin First oilfield in Enping Sag, Pearl River Mouth Basin Year of discovery: 2010 CNOOCs interest: 100% Peak production: 40,000 bbl/day 8
Major New Project Golden Eagle Located in North Sea, UK Year of discovery: 2007 CNOOCs interest: 36.5%CNOOC acts as the operator Peak production: 70,000 boe/day 9
Exploration Program Exploration wells 2D (000 km) 3D (000 km2) 31.6 155 26.7 132 19.2 19.4 2013E 2014B 2013E 2014B 2013E 2014B 2014 exploration program remains intensive, and more efforts will be made on deepwater…
Capex Plan 150 (RMB bn) 105-120 90.5* 100 1.0 59.9 10.8 0.3 50 8.7 60.5 37.6 13.2 18.3 0 2012A 2013E 2014B Exploration Development Production Other 2014 Capex Plan Breakdown 1% 14% 19% Exploration 19% China…
Resource Base for Future Growth New Discoveries New discoveries in past 5 years: 200919 discoveries 201013 discoveries 201116 discoveries 201221 discoveries 1-3Q 201313 discoveries 12
Resource Base for Future Growth Reserve Addition Reserve addition from discoveries and extensions 600 mmboe Average: 416 400 Average: 195 200 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 Reserve addition from…
Projects under Construction to Support Production Growth 20 new projects under construction in 2014 New projects in 2015 includes Bozhong 28/34 adjustment Kenli 10-1 Huizhou 25-8 Dongfang 1-1 Phase I adjustment; 14
Challenges To achieve production targets, we overcame many challenges such as Weather condition Service resources Government approval Environmental impact assessment; etc 15
2014: Sustainable, Stable and Profitable Growth Reserves Continue to add reserves through exploration and acquisitions RRR: 100% Development 7-10 new projects to come on stream Production target of 422-435 mmboe Production…
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