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20131301051

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20131301051

  1. 1. CNOOC LIMITED 中国海洋石油有限公司2013 Strategy Preview January 30, 2013
  2. 2. DisclaimerThis presentation includes “forward-looking statements” within the meaning of the United States PrivateSecurities Litigation Reform Act of 1995, including statements regarding expected future events,business prospectus or financial results. The words “believe,” “intend,” “expect,” “anticipate,” “project,”“estimate,” “plan,” “predict” and similar expressions are intended to identify such forward-lookingstatements.These statements are based on assumptions and analyses made by us in light of our experience andour perception of historical trends, current conditions and expected future developments, as well asother factors we believe are appropriate under the circumstances. However, whether actual results anddevelopments will meet our expectations and predictions depend on a number of risks and uncertaintieswhich could cause our actual results, performance and financial condition to differ materially from ourexpectations, including those associated with fluctuations in crude oil and natural gas prices, ourexploration or development activities, our capital expenditure requirements, our business strategy, thehighly competitive nature of the oil and natural gas industries, our foreign operations, environmentalliabilities and compliance requirements, and economic and political conditions in the People‟s Republicof China. For a description of these and other risks and uncertainties, please see the documents we filefrom time to time with the United States Securities and Exchange Commission, including our 2011Annual Report on Form 20-F filed on April 20, 2012. Consequently, all of the forward-looking statementsmade in this presentation are qualified by these cautionary statements. We cannot assure that the actualresults or developments anticipated by us will be realized or, even if substantially realized, that they willhave the expected effect on us, our business or our operations. 2
  3. 3. 2013 Key ObjectivesTo lay a solid foundation for future production growth Production target at 338-348 mmboe (@WTI US$90.0/bbl) 10 new fields in offshore China to come on stream, 24 projects under construction within the year Remain confident to achieve 2011-2015 production growth targetIntensified efforts on exploration ~140 exploration wells to be drilled 2D seismic data of 15.4 thousand km and 3D seismic data of 24.8 thousand km2 to be acquired RRR target: >100%Capital spending continue to grow Capex of US$12-14 bn, up 31-52% from 2012E Exploration, development and production capex account for 19%, 70% and 11% respectively 3
  4. 4. Production Target (mmboe) 335-345 338-348 350 341-343 330 310 290 270 250 2012 Target 2012 Estimated 2013 Target (@WTI US$90.0/bbl) (@WTI US$94.1/bbl) (@WTI US$90.0/bbl)2013 production target set at 338-348 mmboe*, under WTI price of US$90/barrel.*Including our interest in equity-accounted investees 4
  5. 5. Major New Projects in 2013 Suizhong 36-1 phase II adjustment To come on stream by year end Qikou 18-1 adjustment To come on stream in 2H Bohai East China Weizhou 6-12 To come on stream in 1H China Sea Lishui 36-1 To come on stream in 2H Weizhou 12-8W Lufeng 7-2 To come on stream in 2H To come on stream in 2H Wenchang 8-3E Liuhua 19-5 To come on stream in 2H To come on stream by year end Liwan 3-1 Wenchang 19-1N Western Eastern South China South China To come on stream by year end To come on stream in 2H Sea Sea10 new fields in offshore China are scheduled to come on stream in 2013. 24 projects will be under construction within the year. 5
  6. 6. Major Project: Liwan 3-1 Year of discovery:2006 The first large-size deepwater gas field offshore China CNOOC’s interest:51%* Startup:2013 year end *Husky owns 49% interests of the projects and is the operator 6
  7. 7. Major Project: Suizhong 36-1 Phase II Adjustment Startup of Suizhong 36-1 Phase II: 2001 CNOOC’s interest:100% Startup of adjustment project: 2013 year end Newly added 4 platforms 83 wells 7
  8. 8. Exploration Program Exploration wells 2D („000 km) 3D („000 km2) 138 ~140 25.7 24.8 16.4 15.4 2012E 2013B 2012E 2013B 2012E 2013B2013 exploration program remains intensive, and more efforts will be made on deepwater exploration. 8
  9. 9. Capex Plan(US$ mm)16,000 12,000 ~14,00012,000 9,193 6,424 47 8,000 1,368 127 1,178 5,666 4,000 3,662 1,457 2,112 0 2011A 2012E 2013B Exploration Development Production Other 1% 11% 19% Exploration 36% China Development Production Overseas 64% 70% Other 9
  10. 10. Sustainable, Stable and Profitable Growth Reserves Continue to add reserves through exploration and acquisitions RRR: >100% 10 new fields in offshore China scheduled to Development come on stream Production Production target of 338-348 mmboeFinancial Management Maintain prudent financial policy HSE Maintain company-wide focus and high standard on HSE 10
  11. 11. www.cnoocltd.com

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