CNOOC Limited Oil & Gas Exploration and Production Operations and Cost Analysis - Q4, 2016

 Published On: Jun, 2017 |    No of Pages: 110 |  Published By: GlobalData | Format: PDF
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Summary

CNOOC Limited (CNOOC) is an upstream oil and gas exploration and production company. It engages in exploration, development, production and sale of crude oil and natural gas. In offshore China, the company engages in oil and natural gas exploration, development and production in Bohai, Western South China Sea, Eastern South China Sea and East China Sea, either independently or in cooperation with foreign partners through production sharing contracts. In overseas region, the company holds interests in oil and natural gas blocks in Indonesia, Australia, Nigeria, Uganda, Argentina, the US, Canada, the UK, Brazil and various other countries. The company operates as a subsidiary of China National Offshore Oil Corporation. CNOOC is headquartered in Beijing, China.

CNOOC Limited Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational metrics, analysis and provides a strategic insight into the company. The report provides an annual and quarterly overview of oil and gas reserves and production, changes in reserves, costs incurred and results of oil and gas operations, acreage and well details, share price performance and key valuation metrics.

Scope

The report provides in-depth analysis and insights into companies' capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes the following -
- The report provides detailed and unique insight information on the key operational metrics. It gives a comprehensive overview of oil and gas production and reserves, costs incurred and results of oil and gas operations, acreage and well details and other performance metrics.
- Provides details with respect to the company's oil and gas reserves and production information by country. It further consists of in-depth information on the company's expenditures in relation to the acquisition, exploration and development activities; developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company as disclosed in its annual reports and regulatory filings.
- Provides a comprehensive overview of the company's share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)
- Provides information on key operational and financial metrics on an annual and quarterly basis. The annual information provided is for a five-year period and the quarterly information is for the last five quarters.

*Note:

1. The scope mentioned above is generic and may not apply to all the companies. The report is based on the information disclosed by the companies in their annual and quarterly reports, regulatory filings and other company documents and sources.
2. Quarterly information is provided only for the companies that are December ending and files quarter reports and documents.
3. There can be cases where countries/regions data column/Charts will be blank. This can be due to the fact that the company might have discontinued the reporting of those countries/regions. Information that is not disclosed by the company may not be available in the report.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Be up-to-date with the latest information and in-depth analysis of the operational metrics of the company.
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational metrics of your competitors.
- Rank your performance against other companies in the exploration and production (E&P) sector using operational and financial benchmarking metrics.
- Formulate your strategies based on in-depth analysis of your competitors' financial and operational data.
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational metrics.
- Establish relative performance among the industry's players based on key operational and financial measures.

Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Company Snapshot 7
Key Information 7
Company Overview 7
CNOOC Limited, Valuation and Financial Data 8
CNOOC Limited, Share Price Performance 8
Share Price Performance, Q4, 2015-Q4, 2016 8
CNOOC Limited, Key Valuation Metrics 9
Key Valuation Metrics, Q4, 2015-Q4, 2016 9
CNOOC Limited, Quarterly Results of Oil & Gas Operations Per boe Produced 10
Results of Oil & Gas Operations Per boe Produced, Q4, 2015-Q4, 2016 10
Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2015-Q4, 2016 11
CNOOC Limited, Quarterly E&P Costs Trends 12
Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12
CNOOC Limited, Quarterly Production Trends 13
CNOOC Limited, Total Oil and Gas Production 13
Total Crude Oil and Natural Gas Production Trend, Q4, 2015-Q4, 2016 13
Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 15
CNOOC Limited, Crude Oil Production 16
Total Crude Oil Production Trend, Q4, 2015-Q4, 2016 16
Crude Oil Production, By Country/Region, Q4, 2015-Q4, 2016 17
CNOOC Limited, Natural Gas Production 18
Total Natural Gas Production Trend, Q4, 2015-Q4, 2016 18
Natural Gas Production, By Country/Region, Q4, 2015-Q4, 2016 19
CNOOC Limited, Valuation and Financial Data, 2012-2016 20
CNOOC Limited, Share Price Performance, 2012-2016 20
Share Price Performance, 2012-2016 20
Key Valuation Metrics, 2012-2016 21
CNOOC Limited, Production and Reserves Trends 22
Total Oil and Gas, Reserves and Production 22
Total Crude Oil and Natural Gas Production and Reserves Trend, 2012-2016 22
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2012-2016 24
Total Crude Oil and Natural Gas Reserve Changes, 2012-2016 26
Crude Oil/Liquids Production and Reserve 28
Crude Oil/Liquids Production and Reserve Trend, 2012-2016 28
Crude Oil Production and Reserves By Country/Region, 2012-2016 30
Crude Oil/Liquids Reserve Changes, 2012-2016 33
Natural Gas Production and Reserve 34
Natural Gas Production and Reserve Trend, 2012-2016 34
Natural Gas Production and Reserves, By Country/Region, 2012-2016 36
Natural Gas Reserve Changes, 2012-2016 39
Total Crude Oil and Natural Gas Reserves Life Index 40
Total Crude Oil and Natural Gas Reserves Life Index, 2012-2016 40
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2012-2016 41
CNOOC Limited, E&P Costs Trends 45
Allocation of the Upstream Capital Expenditure 45
Upstream Capital Expenditure, 2012-2016 45
Acquisition Costs By Country/Region, 2012-2016 47
Exploration and Development Costs, By Country/Region, 2012-2016 49
Oil and Gas Cost Per boe, US$/boe 52
Oil and Gas Cost Per boe, US$/boe, 2012-2016 52
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2012-2016 54
CNOOC Limited, Reserve Replacement Ratio 59
Oil and Gas Production Replacement Ratio 59
Oil and Gas Production Replacement Ratio, 2012-2016 59
Oil and Gas Production Replacement Ratio, By Country/Region, 2012-2016 62
CNOOC Limited, Results of Oil & Gas Operations Trend 70
Oil and Gas Revenue and Expenses 70
Oil and Gas Revenue and Expenses, 2012-2016 70
Oil and Gas Revenue and Expenses, By Country/Region, 2012-2016 72
Oil and Gas Revenue and Expenses, Per boe 79
Oil and Gas Revenue and Expenses, By boe, 2012-2016 79
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2012-2016 80
Oil and Gas Performance Metrics 87
CNOOC Limited, Land Holdings and Well Data 88
Developed and Undeveloped Acreage 88
Gross and Net Developed and Undeveloped Acreage, 2012-2016 88
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2012-2016 89
Well Statistics 93
Producible Oil and Gas Well, 2012-2016 93
Producible Oil and Gas Well, By Country/Region, 2012-2016 94
Exploration and Development Wells Drilled, 2012-2016 100
Recent Developments 102
CNOOC Limited - Recent Developments 102
May 23, 2017: China Issues Third Batch Of General Trade Fuel Export Quotas 102
May 16, 2017: Alexey Miller Speaks At CNPC's Roundtable On Oil And Gas Cooperation As Part Of Belt And Road Forum 102
May 03, 2017: Qatargas Delivers Commissioning Cargo To New Chinese LNG Terminal 103
May 02, 2017: Petrobras: Innovation And Increased Efficiency In Libra Field 104
May 01, 2017: Uganda Shortlists Four Firms To Select Bidders For Oil Refinery Project 104
Apr 27, 2017: CNOOC Limited Announces Key Operational Statistics for Q1 2017 105
Apr 27, 2017: Zhejiang Jinzhou Wins CNOOC Pipeline Supply Contract 105
Apr 21, 2017: CNOOC Issues Tender For 10 CBD Blocks In China 105
Apr 14, 2017: CNOOC Signs PSC With Husky 106
Apr 13, 2017: Husky Signs Agreement For New Exploration Block Offshore China 106
Appendix 107
Methodology 107
Coverage 107
Secondary Research 107
Primary Research 108
Data Information Sources 108
Company Source 108
SEC/Other Regulatory Filings 108
Other Sources 108
Expert Panel Validation 108
Data Definition 109
Oil and Gas Reserves 109
Units of Measure 109
About GlobalData 110
Disclosure 110
Disclaimer 110

List of Tables
Table 1: CNOOC Limited, Key Facts 7
Table 2: CNOOC Limited, Share Price Performance, Q4, 2015-Q4, 2016 8
Table 3: CNOOC Limited, Key Valuation Metrics, Q4, 2015-Q4, 2016 9
Table 4: CNOOC Limited, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10
Table 5: CNOOC Limited, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2015-Q4, 2016 11
Table 6: CNOOC Limited, Upstream Capital Expenditure, Q4, 2015-Q4, 2016 12
Table 7: CNOOC Limited, Total Crude Oil and Natural Gas, Production, Q4, 2015-Q4, 2016 14
Table 8: CNOOC Limited, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2015-Q4, 2016 15
Table 9: CNOOC Limited, Total Crude Oil Production, mmbbl, Q4, 2015-Q4, 2016 16
Table 10: CNOOC Limited, Crude Oil Production, By Country/Region, mmbbl, Q4, 2015-Q4, 2016 17
Table 11: CNOOC Limited, Total Natural Gas Production, bcf, Q4, 2015-Q4, 2016 18
Table 12: CNOOC Limited, Natural Gas Production, By Country/Region, bcf, Q4, 2015-Q4, 2016 19
Table 13: CNOOC Limited, Share Price Performance, 2012-2016 20
Table 14: CNOOC Limited, Key Valuation Metrics, 2012-2016 21
Table 15: CNOOC Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 23
Table 16: CNOOC Limited, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2012-2016 25
Table 17: CNOOC Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2012-2016 27
Table 18: CNOOC Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 29
Table 19: CNOOC Limited, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2012-2016 32
Table 20: CNOOC Limited, Crude Oil Reserve Changes, mmbbl, 2012-2016 33
Table 21: CNOOC Limited, Natural Gas Production and Reserves Metrics, bcf, 2012-2016 35
Table 22: CNOOC Limited, Natural Gas Production and Reserves, By Country/Region, bcf, 2012-2016 38
Table 23: CNOOC Limited, Natural Gas Reserve Changes, bcf, 2012-2016 39
Table 24: CNOOC Limited, Oil and Gas Reserves Life Index, Years, 2012-2016 40
Table 25: CNOOC Limited, Oil and Gas Reserves Life Index, By Country/Region, Years, 2012-2016 43
Table 26: CNOOC Limited, Upstream Capital Expenditure, US$ mil, 2012-2016 46
Table 27: CNOOC Limited, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2012-2016 47
Table 28: CNOOC Limited, Exploration and Development Costs, By Country/Region, US$ mil, 2012-2016 51
Table 29: CNOOC Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 53
Table 30: CNOOC Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2012-2016 57
Table 31: CNOOC Limited, Oil and Gas Production Replacement Ratio, %, 2012-2016 60
Table 32: CNOOC Limited, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2012-2016 68
Table 33: CNOOC Limited, Revenue and Expenses, US$ mil, 2012-2016 71
Table 34: CNOOC Limited, Revenue and Expenses, By Country/Region, US$ mil, 2012-2016 76
Table 35: CNOOC Limited, Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 79
Table 36: CNOOC Limited, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2012-2016 84
Table 37: CNOOC Limited, Oil and Gas Performance Metrics, 2012-2016 87
Table 38: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 88
Table 39: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2012-2016 91
Table 40: CNOOC Limited, Producible Oil and Gas Wells, 2012-2016 93
Table 41: CNOOC Limited, Producible Oil and Gas Wells, By Country/Region, 2012-2016 97
Table 42: CNOOC Limited, Exploratory and Developed Wells, 2012-2016 101

List of Figures
Figure 1: CNOOC Limited, Share Price Performance, USD/Share, Q4, 2015-Q4, 2016 8
Figure 2: CNOOC Limited, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q4, 2015-Q4, 2016 9
Figure 3: CNOOC Limited, Results of Oil & Gas Operations Per boe Produced, US$/boe, Q4, 2015-Q4, 2016 10
Figure 4: CNOOC Limited, Upstream Capital Expenditure, US$ mil, Q4, 2015-Q4, 2016 12
Figure 5: CNOOC Limited, Total Crude Oil and Natural Gas, Production, mmboe, Q4, 2015-Q4, 2016 13
Figure 6: CNOOC Limited, Total Oil & Gas Production, By Country/Region, mmboe, Q4, 2015-Q4, 2016 15
Figure 7: CNOOC Limited, Total Crude Oil Production, mmbbl, Q4, 2015-Q4, 2016 16
Figure 8: CNOOC Limited, Crude Oil Production, By Country/Region, mmbbl, Q4, 2015-Q4, 2016 17
Figure 9: CNOOC Limited, Total Natural Gas Production, bcf, Q4, 2015-Q4, 2016 18
Figure 10: CNOOC Limited, Natural Gas Production, By Country/Region, bcf, Q4, 2015-Q4, 2016 19
Figure 11: CNOOC Limited, Share Price Performance, USD/Share, 2012-2016 20
Figure 12: CNOOC Limited, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2012-2016 21
Figure 13: CNOOC Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2012-2016 22
Figure 14: CNOOC Limited, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2012-2016 24
Figure 15: CNOOC Limited, Total Oil & Gas Production, By Country/Region, mmboe, 2012-2016 24
Figure 16: CNOOC Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2016 26
Figure 17: CNOOC Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2012-2016 28
Figure 18: CNOOC Limited, Oil Reserves, End of Period, By Country/Region, mmbbl, 2012-2016 30
Figure 19: CNOOC Limited, Oil Production, By Country/Region, mmbbl, 2012-2016 31
Figure 20: CNOOC Limited, Crude Oil Reserve Changes, mmbbl, 2016 33
Figure 21: CNOOC Limited, Natural Gas Production and Reserves Metrics, bcf, 2012-2016 34
Figure 22: CNOOC Limited, Gas Reserves, End of Period, By Country/Region, bcf, 2012-2016 36
Figure 23: CNOOC Limited, Gas Production, By Country/Region, bcf, 2012-2016 37
Figure 24: CNOOC Limited, Natural Gas Reserve Changes, bcf, 2016 39
Figure 25: CNOOC Limited, Oil and Gas Reserves Life Index, Years, 2012-2016 40
Figure 26: CNOOC Limited, Gas Reserve Life Index, By Country/Region, Years, 2012-2016 41
Figure 27: CNOOC Limited, Oil & Gas Reserve Life Index, By Country/Region, Years, 2012-2016 42
Figure 28: CNOOC Limited, Oil Reserve Life Index, By Country/Region, Years, 2012-2016 42
Figure 29: CNOOC Limited, Upstream Capital Expenditure, US$ mil, 2012-2016 45
Figure 30: CNOOC Limited, Development Costs, By Country/Region, US$ mil, 2012-2016 49
Figure 31: CNOOC Limited, Exploration Costs, By Country/Region, US$ mil, 2012-2016 50
Figure 32: CNOOC Limited, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2012-2016 52
Figure 33: CNOOC Limited, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2012-2016 54
Figure 34: CNOOC Limited, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2012-2016 55
Figure 35: CNOOC Limited, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2012-2016 56
Figure 36: CNOOC Limited, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2012-2016 59
Figure 37: CNOOC Limited, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2012-2016 62
Figure 38: CNOOC Limited, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2012-2016 63
Figure 39: CNOOC Limited, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2012-2016 64
Figure 40: CNOOC Limited, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2012-2016 65
Figure 41: CNOOC Limited, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2012-2016 66
Figure 42: CNOOC Limited, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2012-2016 67
Figure 43: CNOOC Limited, Revenue and Expenses, US$ mil, 2012-2016 70
Figure 44: CNOOC Limited, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 72
Figure 45: CNOOC Limited, Exploration Expenses, By Country/Region, US$ mil, 2012-2016 72
Figure 46: CNOOC Limited, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 73
Figure 47: CNOOC Limited, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 73
Figure 48: CNOOC Limited, Oil & Gas Revenue, By Country/Region, US$ mil, 2012-2016 74
Figure 49: CNOOC Limited, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 74
Figure 50: CNOOC Limited, Production Costs, By Country/Region, US$ mil, 2012-2016 75
Figure 51: CNOOC Limited, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2012-2016 75
Figure 52: CNOOC Limited, Oil and Gas Revenue and Expenses, US$/boe, 2012-2016 79
Figure 53: CNOOC Limited, Exploration Expenses per boe, By Country/Region, $/boe, 2012-2016 80
Figure 54: CNOOC Limited, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2012-2016 80
Figure 55: CNOOC Limited, Lifting Cost per boe, By Country/Region, $/boe, 2012-2016 81
Figure 56: CNOOC Limited, Annual Net Income per boe, By Country/Region, $/boe, 2012-2016 81
Figure 57: CNOOC Limited, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2012-2016 82
Figure 58: CNOOC Limited, Total DD&A per boe, By Country/Region, $/boe, 2012-2016 82
Figure 59: CNOOC Limited, Total Revenue per boe, By Country/Region, $/boe, 2012-2016 83
Figure 60: CNOOC Limited, Oil and Gas Performance Metrics, 2012-2016 87
Figure 61: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2012-2016 88
Figure 62: CNOOC Limited, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2012-2016 89
Figure 63: CNOOC Limited, Total Net Undeveloped Acreage, By Country/Region, Acres, 2012-2016 89
Figure 64: CNOOC Limited, Total Gross Developed Acreage, By Country/Region, Acres, 2012-2016 90
Figure 65: CNOOC Limited, Total Net Developed Acreage, By Country/Region, Acres, 2012-2016 90
Figure 66: CNOOC Limited, Producible Oil and Gas Wells, 2012-2016 93
Figure 67: CNOOC Limited, Gross Productive Gas Wells, By Country/Region, Number, 2012-2016 94
Figure 68: CNOOC Limited, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 94
Figure 69: CNOOC Limited, Gross Productive Oil Wells, By Country/Region, Number, 2012-2016 95
Figure 70: CNOOC Limited, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2012-2016 95
Figure 71: CNOOC Limited, Net Productive Gas Wells, By Country/Region, Number, 2012-2016 96
Figure 72: CNOOC Limited, Net Productive Oil & Gas Wells, By Country/Region, Number, 2012-2016 96
Figure 73: CNOOC Limited, Net Productive Oil Wells, By Country/Region, Number, 2012-2016 97
Figure 74: CNOOC Limited, Exploratory and Developed Wells, 2012-2016 100


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