CNOOC Limited, Company Intelligence Report

 Published On: May, 2015 |    No of Pages: 170 |  Published By: GlobalData | Format: PDF
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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
1 Table of Contents 6
1.1 List of Tables 9
1.2 List of Figures 12
2 CNOOC Limited, Company Overview 17
3 CNOOC Limited, Key Highlights 20
3.1 Production Growth of 10-15% in 2015 due to Strong Lineup of Upcoming Projects and Strengthen its Hold in Offshore China 20
3.2 Active E&D Program and Surplus E&D Spending Level to Support its Future Development 24
4 CNOOC Limited, SWOT Analysis 29
4.1 Strengths 29
4.1.1 Strengthening Asset Portfolio by Adding New High-Quality Projects Every Year 29
4.1.2 Maintaining Long-Life, Well-Established Resource Base by Making New Discoveries Every Year 30
4.1.3 Strong Technical Expertise in Executing Offshore Projects 30
4.2 Weaknesses 31
4.2.1 Higher Cost of Drilling in Offshore Projects in China and Gulf of Mexico 31
4.2.2 Low Reserve Life Index 31
4.3 Opportunities 31
4.3.1 E&D Potential to Expand Resource Base Overseas 31
4.4 Threats 31
4.4.1 Falling Crude Oil Prices 31
5 CNOOC Limited, Exploration, Development and Production Overview 32
5.1 Production Profile 34
5.2 Exploration and Development Profile 38
5.3 Asset Portfolio 44
5.3.1 Offshore China 44
5.3.2 Overseas 52
6 CNOOC Limited, Capital Expenditure 59
6.1 Costs Incurred 61
7 CNOOC Limited, Acreage 64
8 CNOOC Limited, Forecast Production 66
9 CNOOC Limited, Peer Comparison 67
9.1 Share Price Performance 67
9.2 Operational and Financial Performance 68
9.3 Key Financial and Operational Ratios 74
10 CNOOC Limited, Production and Reserves Trends 77
10.1 Total Oil and Gas, Reserves and Production 77
10.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2010-2014 77
10.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2010-2014 78
10.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2010-2014 81
10.2 Crude Oil/Liquids Production and Reserve 83
10.2.1 Crude Oil/Liquids Production and Reserve Trend, 2010-2014 83
10.2.2 Crude Oil Production and Reserves By Country/Region, 2010-2014 84
10.2.3 Crude Oil/Liquids Reserve Changes, 2010-2014 87
10.3 Natural Gas Production and Reserve 88
10.3.1 Natural Gas Production and Reserve Trend, 2010-2014 88
10.3.2 Natural Gas Production and Reserves, By Country/Region, 2010-2014 89
10.3.3 Natural Gas Reserve Changes, 2010-2014 92
10.4 Total Crude Oil and Natural Gas Reserves Life Index 93
10.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2010-2014 93
10.4.2 Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2010-2014 94
11 CNOOC Limited, E&P Costs Trends 98
11.1 Allocation of the Upstream Capital Expenditure 98
11.1.1 Upstream Capital Expenditure, 2010-2014 98
11.1.2 Acquisition Costs By Country/Region, 2010-2014 99
11.1.3 Exploration and Development Costs, By Country/Region, 2010-2014 102
11.2 Oil and Gas Cost Per boe, US$/boe 105
11.2.1 Oil and Gas Cost Per boe, US$/boe, 2010-2014 105
11.2.2 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2010-2014 107
12 CNOOC Limited, Reserve Replacement Ratio 111
12.1 Oil and Gas Production Replacement Ratio 111
12.1.1 Oil and Gas Production Replacement Ratio, 2010-2014 111
12.1.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2010-2014 114
13 CNOOC Limited, Results of Oil & Gas Operations Trend 122
13.1 Oil and Gas Revenue and Expenses 122
13.1.1 Oil and Gas Revenue and Expenses, 2010-2014 122
13.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2010-2014 123
13.2 Oil and Gas Revenue and Expenses, Per boe 134
13.2.1 Oil and Gas Revenue and Expenses, By boe, 2010-2014 134
13.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2010-2014 135
13.3 Oil and Gas Performance Metrics 145
14 CNOOC Limited, Land Holdings and Well Data 146
14.1 Developed and Undeveloped Acreage 146
14.1.1 Gross and Net Developed and Undeveloped Acreage, 2010-2014 146
14.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2010-2014 147
14.2 Well Statistics 152
14.2.1 Producible Oil and Gas Well, 2010-2014 152
14.2.2 Producible Oil and Gas Well, By Country/Region, 2010-2014 153
14.2.3 Exploration and Development Wells Drilled, 2010-2014 161
14.2.4 Exploration and Development Wells Drilled, By Country/Region, 2010-2014 163
15 Appendix 166
15.1 Abbreviations 166
15.2 Sources 167
15.3 Research Methodology 168
15.3.1 Coverage 168
15.3.2 Secondary Research 169
15.3.3 Primary Research 169
15.4 Disclaimer 169

1.1 List of Tables
Table 1: CNOOC, Upcoming Projects, Offshore China, 2015 21
Table 2: CNOOC Limited, Number of New Projects on Stream, 2010-2015 29
Table 3: CNOOC Limited, Number of New Discoveries, 2010-2015 30
Table 4: CNOOC, Planned Projects, 2015 32
Table 5: CNOOC, Projects Online, 2014 34
Table 6: CNOOC, Total Oil and Gas Net Production, 2014 35
Table 7: CNOOC Limited, Historical and Forecast Production, 2012-2019 37
Table 8: CNOOC, Net Exploratory and Development Wells Drilled, 2014 39
Table 9: CNOOC, Bohai, Offshore China, Major Exploration Activities, 2014 45
Table 10: CNOOC, Western South China Sea, Offshore China, Major Exploration Activities, 2014 49
Table 11: CNOOC, Eastern South China Sea, Offshore China, Major Exploration Activities, 2014 51
Table 12: CNOOC, East China Sea, Offshore China, Major Exploration Activities, 2014 52
Table 13: CNOOC, Net Exploratory and Development Wells Drilled, 2014 53
Table 14: CNOOC Limited, Capital Expenditure for Key Operating Areas (CNY bil), 2012-2015 59
Table 15: CNOOC Limited, Total Costs Incurred (US$ bil), 2010-2014 62
Table 16: CNOOC Limited, Reserve Replacement Ratio (%) and Finding and Development Costs Incurred (US$/boe), 2011-2014 63
Table 17: CNOOC Limited, Developed and Undeveloped Acreage (km2), 2014 64
Table 18: CNOOC Limited, Historical and Forecast Production, 2012-2019 66
Table 19: CNOOC Limited and Peers, Operational and Financial Performance, 2014 68
Table 20: CNOOC and Peers, Total Reserves and Production (mmboe), 2014 73
Table 21: CNOOC Limited and Peers, Financial Ratios, 2014 74
Table 22: CNOOC Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014 77
Table 23: CNOOC Limited, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2010-2014 80
Table 24: CNOOC Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2010-2014 82
Table 25: CNOOC Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014 83
Table 26: CNOOC Limited, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2010-2014 86
Table 27: CNOOC Limited, Crude Oil Reserve Changes, mmbbl, 2010-2014 87
Table 28: CNOOC Limited, Natural Gas Production and Reserves Metrics, bcf, 2010-2014 88
Table 29: CNOOC Limited, Natural Gas Production and Reserves, By Country/Region, bcf, 2010-2014 91
Table 30: CNOOC Limited, Natural Gas Reserve Changes, bcf, 2010-2014 92
Table 31: CNOOC Limited, Oil and Gas Reserves Life Index, Years, 2010-2014 93
Table 32: CNOOC Limited, Oil and Gas Reserves Life Index, By Country/Region, Years, 2010-2014 96
Table 33: CNOOC Limited, Upstream Capital Expenditure, US$ mil, 2010-2014 98
Table 34: CNOOC Limited, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 100
Table 35: CNOOC Limited, Exploration and Development Costs, By Country/Region, US$ mil, 2010-2014 104
Table 36: CNOOC Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014 106
Table 37: CNOOC Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2010-2014 109
Table 38: CNOOC Limited, Oil and Gas Production Replacement Ratio, %, 2010-2014 112
Table 39: CNOOC Limited, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2010-2014 119
Table 40: CNOOC Limited, Revenue and Expenses, US$ mil, 2010-2014 122
Table 41: CNOOC Limited, Revenue and Expenses, By Country/Region, US$ mil, 2010-2014 130
Table 42: CNOOC Limited, Oil and Gas Revenue and Expenses, US$/boe, 2010-2014 134
Table 43: CNOOC Limited, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2010-2014 142
Table 44: CNOOC Limited, Oil and Gas Performance Metrics, 2010-2014 145
Table 45: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014 146
Table 46: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2010-2014 150
Table 47: CNOOC Limited, Producible Oil and Gas Wells, 2010-2014 152
Table 48: CNOOC Limited, Producible Oil and Gas Wells, By Country/Region, 2010-2014 159
Table 49: CNOOC Limited, Exploratory and Developed Wells, 2010-2014 162
Table 50: CNOOC Limited, Exploratory and Developed Wells, By Country/Region, 2010-2014 163

1.2 List of Figures
Figure 1: CNOOC Limited, Financial and Operational Overview, 2011-2014 18
Figure 2: CNOOC Limited, Share Price Movement, May 2014 to April 2015 19
Figure 3: CNOOC Limited, Production Target, 2015 20
Figure 4: CNOOC Limited, Location of Kenli 10-1 Oil Field, Bohai, 2015 22
Figure 5: CNOOC Limited, Location of Kenli 10-1 Oil Field, Bohai, 2015 23
Figure 6: CNOOC, Exploration Program, 2015 25
Figure 7: CNOOC, Global Exploration Discoveries, 2014 26
Figure 8: CNOOC Limited, Capital Expenditure Plan, 2015 27
Figure 9: CNOOC Limited, Capital Expenditure Split (%), 2015 28
Figure 10: CNOOC Limited, Operational Map, 2014 33
Figure 11: CNOOC Limited, Production Mix (%), 2012-2019 37
Figure 12: CNOOC Limited, Net Productive and Net Dry Exploratory and Development Wells, 2010-2014 40
Figure 13: CNOOC Limited, Total Number of Net Dry and Productive Exploratory Wells, 2010-2014 41
Figure 14: CNOOC Limited, Total Number of Net Oil and Gas Productive and Dry Exploratory Wells by Region, 2012-2014 42
Figure 15: CNOOC Limited, Total Number of Net Oil and Gas Productive and Dry Development Wells by Region, 2012-2014 43
Figure 16: CNOOC Limited, Offshore China, Operational Map, 2014 44
Figure 17: CNOOC Limited, Location of Bozhong 22-1 Discovery Well, 2014 46
Figure 18: CNOOC Limited, Location of Luda 16-3S and Kenli 16-1 Discovery Wells, 2014 47
Figure 19: CNOOC Limited, Location of Jinzhou 23-2 Discovery Well, 2014 48
Figure 20: CNOOC Limited, Location of Lingshui 17-2 Discovery Well, 2014 50
Figure 21: CNOOC Limited, Overseas, Operational Map, 2014 53
Figure 22: CNOOC Limited, Capital Expenditure by Region (CNY bil), 2011-2015 60
Figure 23: CNOOC Limited, Capital Expenditure Plan Breakdown by Activities and Regions (%), 2014 61
Figure 24: CNOOC Limited, Costs Incurred (US$ mil), 2010-2014 62
Figure 25: CNOOC Limited, Reserve Replacement Ratio (%) and Finding and Development Costs Incurred (US$/boe), 2011-2014 63
Figure 26: CNOOC Limited vs. Peers Acreage Comparison (million acres), 2011-2014 65
Figure 27: CNOOC Limited and Peers, Relative Share Price Performance Index (%), May2014 to April 2015 67
Figure 28 CNOOC Limited, Financial Parameters, 2011-2014 69
Figure 29: CNOOC Limited and Peer Group, Parameters (US$/boe), 2014 70
Figure 30: CNOOC Limited and Peer Group, Finding and Development Cost and Reserve Replacement Comparison, 2014 71
Figure 31: CNOOC and Peers, Reserve Life Index (years), 2014 72
Figure 32: CNOOC and Peers, Oil and Natural Gas Reserves and Production (mmboe), 2014 73
Figure 33: CNOOC Limited and Peers, Valuation Ratios, 2014 76
Figure 34: CNOOC Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014 77
Figure 35: CNOOC Limited, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2010-2014 78
Figure 36: CNOOC Limited, Total Oil & Gas Production, By Country/Region, mmboe, 2010-2014 79
Figure 37: CNOOC Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2014 81
Figure 38: CNOOC Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014 83
Figure 39: CNOOC Limited, Oil Reserves, End of Period, By Country/Region, mmbbl, 2010-2014 84
Figure 40: CNOOC Limited, Oil Production, By Country/Region, mmbbl, 2010-2014 85
Figure 41: CNOOC Limited, Crude Oil Reserve Changes, mmbbl, 2014 87
Figure 42: CNOOC Limited, Natural Gas Production and Reserves Metrics, bcf, 2010-2014 88
Figure 43: CNOOC Limited, Gas Reserves, End of Period, By Country/Region, bcf, 2010-2014 89
Figure 44: CNOOC Limited, Gas Production, By Country/Region, bcf, 2010-2014 90
Figure 45: CNOOC Limited, Natural Gas Reserve Changes, bcf, 2014 92
Figure 46: CNOOC Limited, Oil and Gas Reserves Life Index, Years, 2010-2014 93
Figure 47: CNOOC Limited, Gas Reserve Life Index, By Country/Region, Years, 2010-2014 94
Figure 48: CNOOC Limited, Oil & Gas Reserve Life Index, By Country/Region, Years, 2010-2014 95
Figure 49: CNOOC Limited, Oil Reserve Life Index, By Country/Region, Years, 2010-2014 96
Figure 50: CNOOC Limited, Upstream Capital Expenditure, US$ mil, 2010-2014 98
Figure 51: CNOOC Limited, Proved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 99
Figure 52: CNOOC Limited, Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 100
Figure 53: CNOOC Limited, Development Costs, By Country/Region, US$ mil, 2010-2014 102
Figure 54: CNOOC Limited, Exploration Costs, By Country/Region, US$ mil, 2010-2014 103
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 105
Figure 56: CNOOC Limited, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2010-2014 107
Figure 57: CNOOC Limited, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2010-2014 108
Figure 58: CNOOC Limited, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2010-2014 109
Figure 59: CNOOC Limited, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2010-2014 111
Figure 60: CNOOC Limited, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2010-2014 114
Figure 61: CNOOC Limited, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2010-2014 115
Figure 62: CNOOC Limited, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2010-2014 116
Figure 63: CNOOC Limited, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2010-2014 117
Figure 64: CNOOC Limited, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2010-2014 118
Figure 65: CNOOC Limited, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2010-2014 119
Figure 66: CNOOC Limited, Revenue and Expenses, US$ mil, 2010-2014 122
Figure 67: CNOOC Limited, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 123
Figure 68: CNOOC Limited, Exploration Expenses, By Country/Region, US$ mil, 2010-2014 124
Figure 69: CNOOC Limited, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 125
Figure 70: CNOOC Limited, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 126
Figure 71: CNOOC Limited, Oil & Gas Revenue, By Country/Region, US$ mil, 2010-2014 127
Figure 72: CNOOC Limited, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 128
Figure 73: CNOOC Limited, Production Costs, By Country/Region, US$ mil, 2010-2014 129
Figure 74: CNOOC Limited, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 130
Figure 75: CNOOC Limited, Oil and Gas Revenue and Expenses, US$/boe, 2010-2014 134
Figure 76: CNOOC Limited, Exploration Expenses per boe, By Country/Region, $/boe, 2010-2014 135
Figure 77: CNOOC Limited, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2010-2014 136
Figure 78: CNOOC Limited, Lifting Cost per boe, By Country/Region, $/boe, 2010-2014 137
Figure 79: CNOOC Limited, Annual Net Income per boe, By Country/Region, $/boe, 2010-2014 138
Figure 80: CNOOC Limited, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2010-2014 139
Figure 81: CNOOC Limited, Total DD&A per boe, By Country/Region, $/boe, 2010-2014 140
Figure 82: CNOOC Limited, Total Revenue per boe, By Country/Region, $/boe, 2010-2014 141
Figure 83: CNOOC Limited, Oil and Gas Performance Metrics, 2010-2014 145
Figure 84: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014 146
Figure 85: CNOOC Limited, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2010-2014 147
Figure 86: CNOOC Limited, Total Net Undeveloped Acreage, By Country/Region, Acres, 2010-2014 148
Figure 87: CNOOC Limited, Total Gross Developed Acreage, By Country/Region, Acres, 2010-2014 149
Figure 88: CNOOC Limited, Total Net Developed Acreage, By Country/Region, Acres, 2010-2014 150
Figure 89: CNOOC Limited, Producible Oil and Gas Wells, 2010-2014 152
Figure 90: CNOOC Limited, Gross Productive Gas Wells, By Country/Region, Number, 2010-2014 153
Figure 91: CNOOC Limited, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014 154
Figure 92: CNOOC Limited, Gross Productive Oil Wells, By Country/Region, Number, 2010-2014 155
Figure 93: CNOOC Limited, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2010-2014 156
Figure 94: CNOOC Limited, Net Productive Gas Wells, By Country/Region, Number, 2010-2014 157
Figure 95: CNOOC Limited, Net Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014 158
Figure 96: CNOOC Limited, Net Productive Oil Wells, By Country/Region, Number, 2010-2014 159
Figure 97: CNOOC Limited, Exploratory and Developed Wells, 2010-2014 161


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