Last €117.32 EUR
Change Today -0.134 / -0.11%
Volume 0.0
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Company Description

Contact Info

Bank of China Tower

65th Floor

1 Garden Road

Hong Kong,

Hong Kong

Phone: 852 2213 2500

Fax: 852 2525 9322

CNOOC Limited, an upstream company, engages in the exploration, development, and production of oil and natural gas. As of December 31, 2012, the company had net proved reserves of approximately 3.49 billion barrels-of-oil equivalent (including approximately 0.29 billion barrels-of-oil equivalent under its equity method investees). Exploration, Development, and Production 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 through cooperation with foreign partners by production sharing contracts (PSCs). As of December 31, 2012, the company had 27 PSCs with 22 partners in force. Overseas, the company holds interests in oil and natural gas blocks in Indonesia, Australia, Nigeria, Uganda, Argentina, the U.S., Canada, the United Kingdom, and various other countries. Offshore China Bohai: Bohai is the primary crude oil producing area for the company. The crude oil produced in this region is primarily heavy oil. In 2012, the company made seven discoveries in Bohai, including Penglai 15-2, Qinhuangdao 27-3, Luda21-2, Kenli 2-1, Luda 6-2, Bozhong 34-1 North, and Caofeidian 21-3. In addition, the company appraised seven oil and gas structures, including Penglai9-1, Qinhuangdao 29-2 East, Luda 6-2, Qinhuangdao33-3, Penglai 15-2, Bozhong 34-1 North, and Kenli 9-1. Western South China Sea: Western South China Sea is the primary natural gas production area for the company. The typical water depth of the company’s operation area in this region ranges from 40 to 120 meters. In 2012, the company had one independent new discovery, Dongfang 13-2, and one PSC new discovery, Weizhou 6-12 North, in Western South China Sea, and appraised three oil and gas structures, including Dongfang 13-2, Weizhou 11-7 North, and Weizhou 11-4 North. Eastern South China Sea: Eastern South China Sea is the company’s primary crude oil producing area. The typical water depth of the company’s operating area in this region ranges from 100 to 300 meters. The company achieved three independent discoveries, including Liuhua 29-2, Enping 18-1, and Lufeng 15-1, in 2012. In addition, the company appraised one oil and gas structure, Panyu 35-1. The discovery of Liuhua 29-2 deepwater gas field marked a major milestone for the company’s independent deepwater exploration endeavours. East China Sea: East China Sea is the least explored area among the company’s four principal producing regions in offshore China. The typical water depth of the company’s operation area in this region is approximately 90 meters. Overseas Asia Asia is a major overseas oil and gas producing area for the company. The company holds oil and gas assets in Asia primarily in Indonesia and Iraq. Indonesia: In Indonesia, the company maintains ownership interests in various contracts, such as the SES PSC, the Malacca Strait PSC, and the Poleng Technical Assistance Contract. The company is the operator of the SES block and owns approximately 65.54% of its interests. The company also owns approximately 13.90% interests in the Tangguh LNG Project in Indonesia. Located in West Papua and comprising three blocks, such as Berau, Muturi, and Wiriagar. In addition, the company owns interests in various PSCs, such as the South East Palung Aru PSC, the Batanghari PSC, and the Madura Strait PSC. Iraq: The company has a technical service contract for the development and production of the Missan oilfields in Iraq. Other Regions in Asia: The company owns interests in various blocks in Myanmar, Papua New Guinea, and Qatar. These blocks are under exploration. Oceania The company’s oil and gas resources in Oceania are all located in Australia. Australia: The company owns 5.3% of the interests in Australia’s North West Shelf Project. The project has commenced production and is supplying gas to end-users, including the Dapeng LNG Terminal in Guangdong, the People’s Republic of China (PRC or China). Africa The company has a reserve base in Africa. The company’s assets in Africa are primarily located in Nigeria and Ugand

 

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Industry Analysis

NC2A

Industry Average

Valuation NC2A Industry Range
Price/Earnings 8.0x
Price/Sales 1.6x
Price/Book 1.3x
Price/Cash Flow 4.0x
TEV/Sales 0.8x
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