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cnooc ltd (883) Snapshot

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cnooc ltd (883) Details

CNOOC Limited, an investment holding company, explores for, develops, produces, and sells crude oil, natural gas, and other petroleum products. The company operates through Exploration and Production, and Trading Business. It produces offshore crude oil and natural gas primarily in Bohai, Western South China Sea, Eastern South China Sea, and East China Sea in offshore China; and Asia, Africa, North America, South America, Oceania, and Europe. As of December 31, 2015, CNOOC Limited had net proved reserves of approximately 4.32 billion barrels-of-oil equivalent. It is also involved in the issuance of bonds. The company was incorporated in 1999 and is based in Central, Hong Kong. CNOOC Limited is considered a Red Chip company due to its listing on the Hong Kong Stock Exchange. CNOOC Limited is a subsidiary of China National Offshore Oil Corporation.

20,087 Employees
Last Reported Date: 04/21/16
Founded in 1999

cnooc ltd (883) Top Compensated Officers

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cnooc ltd
CNOOC Limited Provides Production Guidance for the Year 2016, 2017, 2018 and 2019 and Capital Expenditure Guidance for the Year 2017

CNOOC Limited provided production guidance for the year 2016, 2017, 2018 and 2019. The net production for 2016 is expected to be approximately 476 million BOE. The company's net production target for 2017 is in the range of 450 to 460 million barrels of oil equivalent (BOE), of which approximately 64% and 36% are produced in China and overseas, respectively. The company's total capital expenditure for 2017 will be in the range of RMB 60.0 to RMB 70.0 billion. Of that amount, the capital expenditures for exploration, development and production will account for around 18%, 66% and 15% respectively. The company will maintain prudent fiscal management and enhance capital efficiency to facilitate sustainable development. The net production targets set for 2018 and 2019 are 455 million to 465 million BOE and 460 million to 470 million BOE, respectively.

CNOOC Limited Commences Production of Enping 23-1 Oilfields

CNOOC Limited announced that the Enping 23-1 oilfields has commenced production. The Enping 23-1 oilfields, located in the Pearl River Mouth Basin of the South China Sea with an average water depth of approximately 90 meters. In addition to fully utilizing the existing facilities of Enping 24-2 oilfield, the Overall Development Program (ODP) of Enping 23-1 project teamed up with Enping 23-2, Enping 23-7 and Enping 18-1 oilfields for regional joint development. The main production facilities of Enping 23-1, Enping 23-2 and Enping 23-7 oilfields include one platform and 13 producing wells. There are currently three wells producing approximately 5,600 barrels of crude oil per day. The project is expected to reach its ODP designed peak production of approximately 24,800 barrels of crude oil per day in 2018.

CNOOC Limited Commences Penglai 19-9 Comprehensive Adjustment Project Production

CNOOC Limited announced that the Penglai 19-9 comprehensive adjustment project has commenced production. The Penglai 19-9 oilfield is located in Bohai which has an average water depth of approximately 30 meters. In addition to fully utilizing the existing facilities of Penglai 19-3 oilfield, this adjustment project has also built one wellhead platform. There are 57 planned producing wells in total with two wells currently producing approximately 750 barrels of crude oil per day. The adjustment project is expected to reach its Overall Development Program designed peak production of approximately 13,000 barrels of crude oil per day in 2019.


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Valuation 883 Industry Range
Price/Earnings 17.1x
Price/Sales 2.0x
Price/Book 0.9x
Price/Cash Flow 3.6x
TEV/Sales 0.5x

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