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CNOOC Limited, Company Intelligence Report 1 © GlobalData. This report is a licensed product and is not to be copied, reproduced, shared or resold in any form.

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REFERENCE CODE GDGE0701V | PUBLICATION DATE MARCH 2015

CHINA NATIONAL OFFSHORE OIL CORPORATION (CNOOC) LIMITED, COMPANY INTELLIGENCE

REPORT


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CHINA NATIONAL OFFSHORE OIL CORPORATION LIMITED, COMPANY INTELLIGENCE REPORT

Executive Summary

CNOOC Limited, Key Valuation Metrics, 2014 Stock exchange NYSE

Stock symbol CEO

Current price (HKD per share/US$ per share) as of April 07, 2015 13.5

FY2014 revenue (CNY bil/US bil) 285.8

Market capitalization (AUD bil/US$ bil) as of April 07, 2015 574.1

52-week high/low (AUD per share) 16.4/11.4

Source: GlobalData; Google Finance, 2015

EV: Enterprise Value

CNOOC Limited vs. Peer Group, Operational Performance, 2014 Parameters Total Peer average*

Proved reserves (mmboe) 4,451.3 4,238.6

Oil/gas (%) in total proved reserves 72.8/27.3 70.9/29.2

Total production (mmboe) 429.7 304.4

Lifting cost (US$ per boe), three-year avg. 18.7 20.7

Net-back (US$ per boe), three-year avg. 71.1 43.6

Recycle ratio, three-year avg. 2.4 1.9

Oil and gas F&D cost per boe, three-year avg. 36.3 22.2

Proved acquisition cost (US$ mil), annual 0.0 630.5

Reserve replacement cost (US$ per boe), annual 40.1 23.4

Reserve life index 10.4 18.2

Development costs (US$ bil) 15,850.4 8,509.3

Total net developed and undeveloped acreage (mil)

83.9 21.4

Undeveloped acreage as a percentage of total acreage (%)

95.1 81.2

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking Database [Accessed on O May6, 2015] boe: barrels of oil equivalent; F&D: Finding and Development *Peers include BG, Canadian Natural, China Petroleum & Chemical Corporation, Eni, Imperial Oil and Occidental.

Strengthening Upstream Operations and Enhancing Overall Profitability by Making New Discoveries and Adding High-Quality Assets

Maintaining Large Asset Portfolio by Adding New Projects Every Year

China National Offshore Oil Corporation (CNOOC)

added xx new projects to its portfolio between

2010 and 2014. Most were in offshore China.

Between 2013 and 2014, CNOOC’s overall

production increased by xx% from xxx million

barrels of oil equivalent (mmboe) to xxx mmboe in

2014. CNOOC expects it to increase by xx–xx% to

xxx–xxx mmboe in 2015.

CNOOC plans to bring seven new projects on-

stream in 2015: Jinzhou 9-3 oil field adjustment

(commenced production), Bozhong 28/34 oil fields

adjustment, Kenli 10-1 oil field, Luda 10-1 oil field

adjustment, Dongfang 1-1 gas field phase I

adjustment, Weizhou 12-2 oil field joint

development and Weizhou 11-4N oil field phase II.

These projects have a gross peak capacity of

xxx,xxx barrels of oil equivalent per day (boed) and

will contribute to the growth in production in 2015.

Maintaining Well-Established Resource Base by Adding New Discoveries Every Year

CNOOC has maintained a reasonable level of spending on Exploration and Development (E&D) and achieved satisfactory results. It has made new discoveries every year and maintained a high level of reserve additions. It made xx new discoveries between 2010 and 2014 and xx new discoveries alone in 2014. It has had a high success rate of new discoveries in mature exploration areas, including offshore China, which has support the sustainable growth of its reserves.



Executive Summary

In 2014, CNOOC possessed xx billion boe in 1P reserves: xxxx million barrels (mmbbl) in crude oil, xxx mmbbl in synthetic oil, xxx mmbbl in bitumen and xx trillion cubic feet in natural gas. This represents a xx% increase over its xx billion boe in 1P reserves in 2013. This increase was due to its making new discoveries every year and its strong E&D program.


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Executive Summary

CNOOC Limited, Key Production Data, 2011–2014 Parameter Unit 2011 2012 2013 2014

Crude oil and liquids mmbbl 258.5

271.9 333.1

348.8

Natural gas bcf 427.7 406.2 455.3

485.5

Total production mmboe 329.8 339.5 409.0

429.7

Oil as percentage of total production

% 78.4 80.1 81.4 81.2

Production growth % 0.7 3.0 20.5 5.1

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on May6, 2015] bcf: billion cubic feet

CNOOC Limited, Key Production Data, 2011–2014

0

100

200

300

400

500

360380400420440460480500

2011 2012 2013 2014

Pro

duct

ion

(mm

boe)

Prod

uctio

n (b

cf)

Natural gas Crude oil and liquids Total production

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on May6, 2015] RHS: Right Hand Side

CNOOC Limited, Key Cost per boe, 2011–2014

Parameter Unit 2011 2012 2013 2014

F&D cost per boe, three-year avg.

US$/boe 27.5 25.9 35.6 36.3

Reserve replacement cost per boe, three-year avg.

US$/boe 20.4 20.4 25.7 29.2

Oil and gas finding cost per boe, three-year avg.

US$/boe 12.2 11.1 20.6 16.2

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on May6, 2015]

CNOOC Limited, Key Valuation Metrics, 2011–2014 Parameter Unit 2011 2012 2013 2014

EV/Reserves US$/boe 22.3 26.2 22.3 18.0

EV/Production US$/boe 78,334 97,941 87,721 68,147

EV/DACF X 3.9 6.2 5.4 4.4

EV/EBITDA X 3.7 4.7 4.4 3.4

Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on May6, 2015] DACF: Debt-Adjusted Cash Flow; EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization

CNOOC Limited, Key Valuation Metrics, 2011–2014

0

5

10

15

20

25

30

0

1

2

3

4

5

6

7

2011 2012 2013 2014

Valu

e (U

S$/

boe)

Mul

tiple

(X)

EV/DACF EV/EBITDA EV/1P reserves


CNOOC Limited, Key Cost per boe, 2011–2014

0

10

20

30

40

2011 2012 2013 2014

Cos

t (U

S$/

boe)

F&D cost, three-year avg.Reserve replacement cost, three-year avg.Oil and gas finding cost, three-year avg.




Executive Summary

CNOOC Limited, Key Reserves and Reserves Metrics, 2011–2014

Parameter Unit 2011 2012 2013 2014

Proved crude oil reserves

mmbbl 2,165.0

2,383.0 3,260.0 3,240

Proved natural gas reserves

bcf 6,049.0 6,519.0 6,845.0 4,451.3

Proved total oil and gas reserves

mmboe 3,173.2 3,469.5 4,400.8 7,268

Oil as percentage of total reserves

% 68.2 68.7 74.1 72.8


CNOOC Limited, Key Reserves and Reserves Metrics, 2011–2014

0

2,000

4,000

6,000

8,000

0

1,000

2,000

3,000

4,000

5,000

2011 2012 2013 2014

Res

erve

s (b

cf)

Res

erve

s (m

mbo

e)

Proved crude oil reserves Proved total oil and gas reservesProved natural gas reserves


CNOOC Limited, Result of Oil and Gas Operations per boe, 2011–2014

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0102030405060708090

100

2011 2012 2013 2014R

ecyc

le ra

tio (X

)

Oil

and

gas

oper

atio

ns (U

S$/

boe)

Oil and gas revenue per boe Lifting cost per boe, three-year avg.

Net-back per boe, three-year avg. Recycle ratio, three-year avg. Source: GlobalData, Oil and Gas eTrack, Advanced Company Operational and Financial Benchmarking [Accessed on May6, 2015]

CNOOC Limited, Results of Oil and Gas Operations per boe, 2011–2014

Parameter Unit 2011 2012 2013 2014

Oil and gas revenue per boe

US$/boe 91.3

92.8 90.6 83.9

Lifting cost per boe, three-year avg.

US$/boe 12.6 15.2 18.1 18.7

Net-back per boe, three-year avg.

US$/boe 62.0 70.9 75.2 71.1

Recycle ratio, three-year avg.

% 3.0 3.4 3.1 2.4

Source: GlobalData, Oil and Gas eTrack, Companies Operational and Financial Database [Accessed on May6, 2015]



Table of Contents

Table of Contents Table of Contents ............................................................................................................................... 6

1.1 List of Tables ........................................................................................................................ 9

1.2 List of Figures ..................................................................................................................... 11

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

Strengthening Asset Portfolio by Adding New High-Quality Projects Every Year ........................ 29

Maintaining Long-Life, Well-Established Resource Base by Making New Discoveries Every Year ....................................................................................................................................... 29

Strong Technical Expertise in Executing Offshore Projects ........................................................ 30

4.2 Weaknesses ....................................................................................................................... 30

Higher Cost of Drilling in Offshore Projects in China and Gulf of Mexico .................................... 30

Low Reserve Life Index .............................................................................................................. 31

4.3 Opportunities ...................................................................................................................... 32

E&D Potential to Expand Resource Base Overseas ................................................................... 32

4.4 Threats................................................................................................................................ 32

Falling Crude Oil Prices .............................................................................................................. 32

5 CNOOC Limited, Exploration, Development and Production Overview .................................... 33

5.1 Production Profile ................................................................................................................ 35

5.2 Exploration and Development Profile .................................................................................. 39

5.3 Asset Portfolio ..................................................................................................................... 45

Offshore China ........................................................................................................................... 45



Table of Contents

Overseas .................................................................................................................................... 53

6 CNOOC Limited, Capital Expenditure ...................................................................................... 61

6.1 Costs Incurred..................................................................................................................... 64

7 CNOOC Limited, Acreage ....................................................................................................... 67

8 CNOOC Limited, Forecast Production ..................................................................................... 69

9 CNOOC Limited, Peer Comparison ......................................................................................... 70

9.1 Share Price Performance .................................................................................................... 70

9.2 Operational and Financial Performance .............................................................................. 71

9.3 Key Financial and Operational Ratios ................................................................................. 77

10 CNOOC Limited, Production and Reserves Trends ................................................................. 80

10.1 Total Oil and Gas, Reserves and Production ...................................................................... 80

10.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2010-2014 ............... 80

10.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2010-2014 ....................................................................................................................................... 81

10.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2010-2014 ..................................... 83

10.2 Crude Oil/Liquids Production and Reserve .......................................................................... 85

10.2.1 Crude Oil/Liquids Production and Reserve Trend, 2010-2014 ........................................ 85

10.2.2 Crude Oil Production and Reserves By Country/Region, 2010-2014 .............................. 86

10.2.3 Crude Oil/Liquids Reserve Changes, 2010-2014 ............................................................ 88

10.3 Natural Gas Production and Reserve .................................................................................. 89

10.3.1 Natural Gas Production and Reserve Trend, 2010-2014................................................. 89

10.3.2 Natural Gas Production and Reserves, By Country/Region, 2010-2014 ......................... 90

10.3.3 Natural Gas Reserve Changes, 2010-2014 .................................................................... 93

10.4 Total Crude Oil and Natural Gas Reserves Life Index ......................................................... 94

10.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2010-2014 .................................. 94

10.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2010-2014 .. 95

11 CNOOC Limited, E&P Costs Trends ....................................................................................... 99

11.1 Allocation of the Upstream Capital Expenditure .................................................................. 99



Table of Contents

11.1.1 Upstream Capital Expenditure, 2010-2014 ..................................................................... 99

11.1.2 Acquisition Costs By Country/Region, 2010-2014 ......................................................... 100

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 ............... 113

13 CNOOC Limited, Results of Oil & Gas Operations Trend ...................................................... 121

13.1 Oil and Gas Revenue and Expenses ................................................................................ 121

13.1.1 Oil and Gas Revenue and Expenses, 2010-2014 ......................................................... 121

13.1.2 Oil and Gas Revenue and Expenses, By Country/Region, 2010-2014 .......................... 122

13.2 Oil and Gas Revenue and Expenses, Per boe .................................................................. 132

13.2.1 Oil and Gas Revenue and Expenses, By boe, 2010-2014 ............................................ 132

13.2.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2010-2014 ............ 133

13.3 Oil and Gas Performance Metrics ..................................................................................... 143

14 CNOOC Limited, Land Holdings and Well Data ..................................................................... 145

14.1 Developed and Undeveloped Acreage .............................................................................. 145

14.1.1 Gross and Net Developed and Undeveloped Acreage, 2010-2014 ............................... 145

14.1.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2010-2014 146

14.2 Well Statistics.................................................................................................................... 150

14.2.1 Producible Oil and Gas Well, 2010-2014 ...................................................................... 150

14.2.2 Producible Oil and Gas Well, By Country/Region, 2010-2014 ....................................... 151

14.2.3 Exploration and Development Wells Drilled, 2010-2014................................................ 160

14.2.4 Exploration and Development Wells Drilled, By Country/Region, 2010-2014 ................ 161



Table of Contents

15 Appendix ............................................................................................................................... 165

15.1 Abbreviations .................................................................................................................... 165

15.2 Sources............................................................................................................................. 166

15.3 Research Methodology ..................................................................................................... 168

Coverage ................................................................................................................................. 168

Secondary Research ................................................................................................................ 168

Primary Research .................................................................................................................... 169

15.4 Disclaimer ......................................................................................................................... 170

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 ..................................................................................................... 33

Table 5: CNOOC, Projects Online, 2014 ........................................................................................................ 35

Table 6: CNOOC, Total Oil and Gas Net Production, 2014 ............................................................................. 36

Table 7: CNOOC Limited, Historical and Forecast Production, 2011–2018 ..................................................... 38

Table 8: CNOOC, Net Exploratory and Development Wells Drilled, 2014 ....................................................... 39

Table 9: CNOOC, Bohai, Offshore China, Major Exploration Activities, 2014 .................................................. 46

Table 10: CNOOC, Western South China Sea, Offshore China, Major Exploration Activities, 2014................. 50

Table 11: CNOOC, Eastern South China Sea, Offshore China, Major Exploration Activities, 2014 ................. 52

Table 12: CNOOC, East China Sea, Offshore China, Major Exploration Activities, 2014 ................................. 53

Table 13: CNOOC, Net Exploratory and Development Wells Drilled, 2014 ..................................................... 54



Table of Contents

Table 14: CNOOC Limited, Capital Expenditure for Key Operating Areas (CNY bil), 2012–2015 .................... 61

Table 15: CNOOC Limited, Total Costs Incurred (US$ bil), 2010–2014 .......................................................... 65

Table 16: CNOOC Limited, Reserve Replacement Ratio (%) and Finding and Development Costs Incurred (US$/boe), 2011–2014 ................................................................................................................ 66

Table 17: CNOOC Limited, Developed and Undeveloped Acreage (km2), 2014 .............................................. 67

Table 18: CNOOC Limited, Historical and Forecast Production, 2012–2019 ................................................... 69

Table 19: GlobalData, Price Forecasts, 2015–2019 ....................................................................................... 69

Table 20: CNOOC Limited and Peers, Operational and Financial Performance, 2014 .................................... 71

Table 21: CNOOC and Peers, Total Reserves and Production (mmboe), 2014 .............................................. 76

Table 22: CNOOC Limited and Peers, Financial Ratios, 2014 ........................................................................ 77

Table 23: CNOOC Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014 . 80

Table 24: CNOOC Limited, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2010-2014 ..................................................................................................................... 82

Table 25: CNOOC Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2010-2014 ............. 84

Table 26: CNOOC Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014 ......................... 85

Table 27: CNOOC Limited, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2010-2014....... 87

Table 28: CNOOC Limited, Crude Oil Reserve Changes, mmbbl, 2010-2014 ................................................ 89

Table 29: CNOOC Limited, Natural Gas Production and Reserves Metrics, bcf, 2010-2014 ........................... 90

Table 30: CNOOC Limited, Natural Gas Production and Reserves, By Country/Region, bcf, 2010-2014......... 92

Table 31: CNOOC Limited, Natural Gas Reserve Changes, bcf, 2010-2014 ................................................... 94

Table 32: CNOOC Limited, Oil and Gas Reserves Life Index, Years, 2010-2014............................................ 95

Table 33: CNOOC Limited, Oil and Gas Reserves Life Index, By Country/Region, Years, 2010-2014............. 97

Table 34: CNOOC Limited, Upstream Capital Expenditure, US$ mil, 2010-2014 ............................................ 99

Table 35: CNOOC Limited, Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 ......................................................................................................................................... 101

Table 36: CNOOC Limited, Exploration and Development Costs, By Country/Region, US$ mil, 2010-2014 .. 104



Table of Contents

Table 37: CNOOC Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2010-2014 .......................................................... 106

Table 38: 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 39: CNOOC Limited, Oil and Gas Production Replacement Ratio, %, 2010-2014 ............................... 111

Table 40: CNOOC Limited, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2010-2014 ................................................................................................. 118

Table 41: CNOOC Limited, Revenue and Expenses, US$ mil, 2010-2014 .................................................... 121

Table 42: CNOOC Limited, Revenue and Expenses, By Country/Region, US$ mil, 2010-2014..................... 129

Table 43: CNOOC Limited, Oil and Gas Revenue and Expenses, US$/boe, 2010-2014 ............................... 133

Table 44: CNOOC Limited, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2010-2014 140

Table 45: CNOOC Limited, Oil and Gas Performance Metrics, 2010-2014 ................................................... 143

Table 46: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014 ........ 145

Table 47: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2010-2014 ...................................................................................................................... 149

Table 48: CNOOC Limited, Producible Oil and Gas Wells, 2010-2014 ......................................................... 151

Table 49: CNOOC Limited, Producible Oil and Gas Wells, By Country/Region, 2010-2014 .......................... 158

Table 50: CNOOC Limited, Exploratory and Developed Wells, 2010-2014 ................................................... 161

Table 51: CNOOC Limited, Exploratory and Developed Wells, By Country/Region, 2010-2014 .................... 161

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



Table of Contents

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 ....................................................................................... 34

Figure 11: CNOOC Limited, Production Mix (%), 2012–2019 ......................................................................... 38

Figure 12: CNOOC Limited, Net Productive and Net Dry Exploratory and Development Wells, 2010–2014 .... 41

Figure 13: CNOOC Limited, Total Number of Net Dry and Productive Exploratory Wells, 2010–2014 ............. 42

Figure 14: CNOOC Limited, Total Number of Net Oil and Gas Productive and Dry Exploratory Wells by Region, 2012–2014 ..................................................................................................................... 43

Figure 15: CNOOC Limited, Total Number of Net Oil and Gas Productive and Dry Development Wells by Region, 2012–2014 ..................................................................................................................... 44

Figure 16: CNOOC Limited, Offshore China, Operational Map, 2014 ............................................................. 45

Figure 17: CNOOC Limited, Location of Bozhong 22-1 Discovery Well, 2014 ................................................. 47

Figure 18: CNOOC Limited, Location of Luda 16-3S and Kenli 16-1 Discovery Wells, 2014 ........................... 48

Figure 19: CNOOC Limited, Location of Jinzhou 23-2 Discovery Well, 2014................................................... 49

Figure 20: CNOOC Limited, Location of Lingshui 17-2 Discovery Well, 2014 .................................................. 51

Figure 21: CNOOC Limited, Overseas, Operational Map, 2014 ...................................................................... 54

Figure 22: CNOOC Limited, Capital Expenditure by Region (CNY bil), 2011–2015 ......................................... 62

Figure 23: CNOOC Limited, Capital Expenditure Plan Breakdown by Activities and Regions (%), 2014 .......... 63

Figure 24: CNOOC Limited, Costs Incurred (US$ mil), 2010–2014 ................................................................. 64

Figure 25: CNOOC Limited, Reserve Replacement Ratio (%) and Finding and Development Costs Incurred (US$/boe), 2011–2014 ................................................................................................................ 65

Figure 26: CNOOC Limited vs. Peers Acreage Comparison (million acres), 2011–2014 ................................. 68

Figure 27: CNOOC Limited and Peers, Relative Share Price Performance Index (%), May2014 to April 2015 ........................................................................................................................................... 70

Figure 28 CNOOC Limited, Financial Parameters, 2011–2014 ....................................................................... 72



Table of Contents

Figure 29: CNOOC Limited and Peer Group, Parameters (US$/boe), 2014 .................................................... 73

Figure 30: CNOOC Limited and Peer Group, Finding and Development Cost and Reserve Replacement Comparison, 2014 ....................................................................................................................... 74

Figure 31: CNOOC and Peers, Reserve Life Index (years), 2014 ................................................................... 75

Figure 32: CNOOC and Peers, Oil and Natural Gas Reserves and Production (mmboe), 2014 ...................... 76

Figure 33: CNOOC Limited and Peers, Valuation Ratios, 2014 ...................................................................... 79

Figure 34: CNOOC Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2010-2014 ........................................................................................................................................... 80

Figure 35: CNOOC Limited, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2010-2014 ........................................................................................................................................... 81

Figure 36: CNOOC Limited, Total Oil & Gas Production, By Country/Region, mmboe, 2010-2014 .................. 82

Figure 37: CNOOC Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2014 .................... 84

Figure 38: CNOOC Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2010-2014 ........................ 85

Figure 39: CNOOC Limited, Oil Reserves, End of Period, By Country/Region, mmbbl, 2010-2014 ................. 86

Figure 40: CNOOC Limited, Oil Production, By Country/Region, mmbbl, 2010-2014 ...................................... 87

Figure 41: CNOOC Limited, Crude Oil Reserve Changes, mmbbl, 2014 ........................................................ 88

Figure 42: CNOOC Limited, Natural Gas Production and Reserves Metrics, bcf, 2010-2014 .......................... 90

Figure 43: CNOOC Limited, Gas Reserves, End of Period, By Country/Region, bcf, 2010-2014 ..................... 91

Figure 44: CNOOC Limited, Gas Production, By Country/Region, bcf, 2010-2014 .......................................... 92

Figure 45: CNOOC Limited, Natural Gas Reserve Changes, bcf, 2014 .......................................................... 93

Figure 46: CNOOC Limited, Oil and Gas Reserves Life Index, Years, 2010-2014 .......................................... 94

Figure 47: CNOOC Limited, Gas Reserve Life Index, By Country/Region, Years, 2010-2014 ......................... 95

Figure 48: CNOOC Limited, Oil & Gas Reserve Life Index, By Country/Region, Years, 2010-2014 ................. 96

Figure 49: CNOOC Limited, Oil Reserve Life Index, By Country/Region, Years, 2010-2014 ........................... 97

Figure 50: CNOOC Limited, Upstream Capital Expenditure, US$ mil, 2010-2014 ........................................... 99

Figure 51: CNOOC Limited, Proved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 .................. 100



Table of Contents

Figure 52: CNOOC Limited, Unproved Acquisition Costs, By Country/Region, US$ mil, 2010-2014 .............. 101

Figure 53: CNOOC Limited, Development Costs, By Country/Region, US$ mil, 2010-2014 .......................... 103

Figure 54: CNOOC Limited, Exploration Costs, By Country/Region, US$ mil, 2010-2014 ............................. 104

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 ................................................................................................................................ 113

Figure 61: CNOOC Limited, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2010-2014 ................................................................................................................................ 114

Figure 62: CNOOC Limited, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2010-2014 ........................................................................................................................... 115

Figure 63: CNOOC Limited, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2010-2014 ........................................................................................................................... 116

Figure 64: CNOOC Limited, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2010-2014 ................................................................................................................................ 117

Figure 65: CNOOC Limited, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2010-2014 ................................................................................................................................ 118

Figure 66: CNOOC Limited, Revenue and Expenses, US$ mil, 2010-2014 .................................................. 121

Figure 67: CNOOC Limited, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 ................................................................ 122

Figure 68: CNOOC Limited, Exploration Expenses, By Country/Region, US$ mil, 2010-2014 ....................... 123

Figure 69: CNOOC Limited, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 ........................................................................................ 124



Table of Contents

Figure 70: CNOOC Limited, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 .................................................................................................................. 125

Figure 71: CNOOC Limited, Oil & Gas Revenue, By Country/Region, US$ mil, 2010-2014........................... 126

Figure 72: CNOOC Limited, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 ........................................................................................ 127

Figure 73: CNOOC Limited, Production Costs, By Country/Region, US$ mil, 2010-2014 .............................. 128

Figure 74: CNOOC Limited, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2010-2014 .................................................................................................................. 129

Figure 75: CNOOC Limited, Oil and Gas Revenue and Expenses, US$/boe, 2010-2014 .............................. 133

Figure 76: CNOOC Limited, Exploration Expenses per boe, By Country/Region, $/boe, 2010-2014 ............. 134

Figure 77: CNOOC Limited, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2010-2014 ............... 135

Figure 78: CNOOC Limited, Lifting Cost per boe, By Country/Region, $/boe, 2010-2014 .............................. 136

Figure 79: CNOOC Limited, Annual Net Income per boe, By Country/Region, $/boe, 2010-2014 ................. 137

Figure 80: CNOOC Limited, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2010-2014 ................. 138

Figure 81: CNOOC Limited, Total DD&A per boe, By Country/Region, $/boe, 2010-2014 ............................. 139

Figure 82: CNOOC Limited, Total Revenue per boe, By Country/Region, $/boe, 2010-2014 ........................ 140

Figure 83: CNOOC Limited, Oil and Gas Performance Metrics, 2010-2014 .................................................. 143

Figure 84: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2010-2014 ...... 145

Figure 85: CNOOC Limited, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2010-2014 ...... 146

Figure 86: CNOOC Limited, Total Net Undeveloped Acreage, By Country/Region, Acres, 2010-2014 .......... 147

Figure 87: CNOOC Limited, Total Gross Developed Acreage, By Country/Region, Acres, 2010-2014 .......... 148

Figure 88: CNOOC Limited, Total Net Developed Acreage, By Country/Region, Acres, 2010-2014 .............. 149

Figure 89: CNOOC Limited, Producible Oil and Gas Wells, 2010-2014 ........................................................ 151

Figure 90: CNOOC Limited, Gross Productive Gas Wells, By Country/Region, Number, 2010-2014 ............. 152

Figure 91: CNOOC Limited, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014 .... 153

Figure 92: CNOOC Limited, Gross Productive Oil Wells, By Country/Region, Number, 2010-2014 ............... 154



Table of Contents

Figure 93: CNOOC Limited, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2010-2014 ......................... 155

Figure 94: CNOOC Limited, Net Productive Gas Wells, By Country/Region, Number, 2010-2014................. 156

Figure 95: CNOOC Limited, Net Productive Oil & Gas Wells, By Country/Region, Number, 2010-2014 ........ 157

Figure 96: CNOOC Limited, Net Productive Oil Wells, By Country/Region, Number, 2010-2014 ................... 158

Figure 97: CNOOC Limited, Exploratory and Developed Wells, 2010-2014 .................................................. 160



CNOOC Limited, Company Overview

2 CNOOC Limited, Company Overview 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 xx billion barrels of oil equivalent (boe) in net proved reserves in 2014 of which approximately xxx% were in China. In 2014, it acquired xx,xxx mi (xxxx km) of 2D seismic data and xx,xxx mi2 (xxxx km2) of 3D seismic data and drilled xxx exploration wells. The company made xx new discoveries in 2014, of which xx were in Offshore China and x was in overseas. In 2014, xx new projects came on stream. The company successfully appraised xx wells worldwide in 2014. In 2013, it made xx new discoveries, of which xx were in China. For 2015, it planned to acquire approximately xx,xxx mi (xx,xxxkm) of 2D seismic data and xxxx mi2 (xx,xxx km2) of 3D seismic data and will drill xxx exploration wells. In Q1 2015, it made three new discoveries and successfully appraised xxx wells worldwide.

CNOOC produced xxx.x million barrels of oil equivalent (mmboe) of oil and gas in 2014, of which xxx% was produced in offshore China and xx% produced overseas. It reported overall production of xxx mmboe in 2013. In the first quarter of 2015, CNOOC produced xx.x million barrels (mmbbl) of oil and xxx billion cubic feet (bcf) of natural gas, and xx% of its total production came from offshore China. It expects to produce xxx–xxx mmboe of oil and gas in 2015.

CNOOC’s capital budget for 2014 was CNYxxx.x billion (US$xx.x billion), an increase of xx.x % over its 2013 capital expenditure (capex) of CNYxx.x billion (US$xx.x billion). For 2015, CNOOC reduced its capital budget by 25–35% to CNYxx–xxbillion (US$xxx–xxx million).CNOOC’s made capital expenditures in Q1 2015 was CNYxxx billion (US$xx billion), a decrease of xxx% over its Q1 2014 capital expenditure (capex) of CNYxx.x billion (US$xxx billion).



CNOOC Limited, Company Overview

Figure 1: CNOOC Limited, Financial and Operational Overview, 2011–2014

Source: GlobalData, Oil and Gas eTrack [Accessed on May6, 2015]

CFO: Cash Flow from Operations



CNOOC Limited, E&D and Production Overview

5 CNOOC Limited, Exploration, Development and Production Overview

CNOOC conducts exploration and production activities in Oceania, Africa, North America, South America, Europe, offshore China and the rest of Asia. Offshore China was its largest producing region in 2014, when it contributed xxx% of CNOOC’s annual production. In 2014, CNOOC produced xxx.x mmbbl of crude and liquid oil and xxx.x bcf of natural gas, of which xx.xx% came from offshore China. In 2015, CNOOC is expected to produce xxx–xxx mmboe of oil and gas and bring online seven new projects, as shown in the following table.

Table 4: CNOOC, Planned Projects, 2015

Region Project Expected startup

Gross peak production (boed)

Working interest (%)

Bohai

Jinzhou 9-3 oil field adjustment

Commenced production

12,000 100

Bohai

Bozhong 28/34 oil fields adjustment

H1 2015 30,000 100

Bohai

Kenli 10-1 oil field

Commenced production 36,000 100

Bohai

Luda 10-1 oil field adjustment

H2 2015 6,000 100

Western South China Sea

Dongfang 1-1 gas field phase I adjustment

H2 2015 9,000 100


Weizhou 12-2 oil field joint development

H2 2015 16,000 100


Weizhou 11-4N oil field phase II H2 2015 8,000 100

Source: CNOOC, 2015

CNOOC drilled approximately xxx exploration wells in 2014 and acquired approximately xxx.x mi (xx,xxx km) of 2D seismic data and xx,xxx mi2 (xx,xxx km2) of 3D seismic data. In 2014, CNOOC made xx new discoveries and successfully appraised xx wells. It plans to acquire approximately xx,xxx mi (xx,xxx km) of 2D seismic data and x,xxx mi2 (xx,xx km2) of 3D seismic data in 2015.In 2014, CNOOC drilled xxx.x net wells, of which xxx.x were net development wells and x.x net exploratory wells. Approximately xx.x% of its global production and xx.x% of its estimated 1P reserves were in offshore China. It possessed a




total of x.x billion barrels in oil and liquid 1P reserves: x,xx.x mmbbl of crude oil, xxx.x mmbbl of synthetic oil, and xx.x mmbbl of bitumen in 2014. Its natural gas reserves amounted to x.x trillion cubic feet. Of its 1P reserves, x.x billion boe were developed, and x.x billion boe (xx.x%) were undeveloped. CNOOC reported annual production of xxx.x mmboe in 2014, an increase of x.x% over the xxx mmboe it recorded in 2013.

The following figure illustrates CNOOC’s exploration map in 2014.

Figure 10: CNOOC Limited, Operational Map, 2014

Source: CNOOC, 2014b




5.1 Production Profile In 2014, 13 new projects came online: Golden Eagle, in the UK North Sea, Kinosis 1A, in Canada and Liuhua19-5 gas field, Liwan3-1 gas field, Lishui36-1 gas field, Huizhou 25-8 oil field/Xijiang24-3 oil field Xijiang24-1 district joint development, Liuhua34-2 gas field, Lufeng7-2oil field, Kenli 3-2, Qinhuangdao 32-6 adjustment, Panyu 10-2/5/8, Wenchang 13-6, Enping 24-2 and Panyu 34-1/35-1 /35-2, in offshore China.

Table 5: CNOOC, Projects Online, 2014

Region Project Status

Gross peak production (boed)

Working interest (%)

Offshore China

Eastern South China Sea Liuhua19-5 gas field Q1 2014 4,800 100

Eastern South China Sea

Liwan3-1 gas field Q1 2014 58,000 51

Bohai Kenli 3-2 oil field

Q2 2014 35,000 100

East China Sea Lishui36-1 gas field Q3 2014 7,400 51


Panyu 10-2/5/8 oil field

Q3 2014

13,000 100


Wenchang 13-6 oil field

Q3 2014

6,000 100

Eastern South China Sea Enping 24-2 oil field

Q4 2014

40,000 100


Huizhou 25-8 oil field/Xijiang24-3 oil field Xijiang24-1 district joint development

Q4 2014

33,000 100

Eastern South China Sea Panyu 34-1/35-1/35-2 gas fields

Q4 2014

25,000 100

Eastern South China Sea Liuhua34-2 gas field

Q4 2014

7,500 51

Eastern South China Sea Lufeng7-2oil field

Q4 2014

23,000 51

Overseas

UK North Sea

Golden Eagle

Q4 2014

70,000 100

Canada Kinosis 1A Q4 2014 20,000 100




Source: CNOOC, 2014a

In 2014, CNOOC produced xxx mmboe of oil and gas, of which xxx% came from offshore China. In 2014, it produced xxx.x mmbbl of crude oil and liquids and xxx.x bcf of natural gas. Approximately xx.x% of its crude oil and liquids production and xx.x% of its natural gas production came from offshore China. In 2013, xx.x% of CNOOC’s production came from offshore China, of which xx.x% was produced by independent projects. CNOOC reported overall production of xxx mmboe in 2013; representing an increase of xx.x% over the xxx.x mmboe it recorded in 2012.CNOOC expects to produce xxx–xxx mmboe of oil and gas in 2015. The following table shows CNOOC’s net oil and natural gas production in the first three quarters of 2014.

Table 6: CNOOC, Total Oil and Gas Net Production, 2014

Segment Crude oil and liquids (mmbbl) Natural gas (bcf)

Total production (mmboe)

Offshore China

Bohai 147.4 50.3 155.8

Western South China Sea 29.4 124.7 50.7

Eastern South China Sea 51.5 49.9 59.8

East China Sea 0.7 12 2.7

Sub-total 229 237 269.1

Overseas

Asia (excluding China) 13.6 56.4 23.8

Oceania 1.6 40.6 9.5

Africa 28 - 28

North America (excluding Canada) 18.2 41.1 25

Canada 17.6 42.9 24.7

South America 8.7 48.9 17.1

Europe 32.1 18.5 35.2

Sub-total 119.8 248.4 163.4

Total 348.8 485.5 432.5

Source: CNOOC, 2014a




In 2014, CNOOC produced xxx mmboe of oil and gas, of which xxx% came from offshore

China. The production 2014 consisted xx% of crude oil and xx% of natural gas. CNOOC

started production at 11 new fields in China, one new field in Canada and one new field in

the North Sea.

CNOOC’s oil and natural gas production increased at a Compound Annual Growth Rate

(CAGR) of xx% during the 2011–2014 periods, from xxx mmboe to xxx mmboe. Its crude

oil production during this period increased at a CAGR of xxx% from xxx mmbbl to xxx

mmbbl, while its natural gas production increased at a CAGR of xx% from xxxx bcf to xxxx

bcf.

In 2014, CNOOC’s oil and natural gas production increased by xx%, from xxx mmboe in

2013 to xxx mmboe. Its crude oil production increased by xx%, from xxx mmboe in 2013 to

xxx mmboe in 2014, and its natural gas production increased by xx%, from xxx bcf to xxx

bcf. The increase in oil and natural gas production in 2014 was due to development

activities at mature assets and the xx new projects that CNOOC brought on stream.

Of CNOOC’s 2014 production, xx.x% was liquids, and xx.x% was natural gas. The

percentage of crude oil and Natural Gas Liquids (NGL) in overall production increased

during the 2011–2014 period.

GlobalData expects CNOOC’s production to reach xxx.x mmboe in 2019, owing to the

number of upcoming projects that CNOCC is expected to bring on stream. More than

seven projects are expected to become operational in 2015.

GlobalData estimates that xx% of CNOOC’s production in 2015 was crude oil and NGL.

The following figure shows the liquids and natural gas mix of CNOOC’s production

between 2012 and 2019.




Figure 11: CNOOC Limited, Production Mix (%), 2012–2019

Source: GlobalData; CNOOC, 2012; CNOOC, 2013; CNOOC, 2014a

Table 7: CNOOC Limited, Historical and Forecast Production, 2012–2018

Production spilt Actual Projected annual forecast

2012 2013 2014 2015 2016 2017 2018 2019

Crude oil and NGL (mmboe)

271.9

333.1

351.1

402.6

427.6

436.1

450.0

464.3

Natural gas (bcf)

406.2

455.3

488.6

494.7

488.6

461.7

439.5

416.3

Total (mmboe) 339.5 409.0 432.5 485.0 509.0 513.0 523.3 533.7

Source: GlobalData; CNOOC; CNOOC, 2012; CNOOC, 2013; CNOOC, 2014a



Appendix

15 Appendix 15.1 Abbreviations bd: barrels of oil per day

bcf: billion cubic feet

boe: barrels of oil equivalent

boed: barrels of oil equivalent per day

CAGR: Compound Annual Growth Rate

capex: capital expenditure

CFO: Cash Flow from Operations

DACF: Debt-Adjusted Cash Flow

DD&A: Depreciation, Depletion and Amortization

E&D: Exploration and Development

EBIT: Earnings Before Interest and Tax

EBITDA: Earnings Before Interest, Tax, Depreciation and Amortization

EBITDAX: Earnings Before Interest, Taxes, Depreciation, Depletion, Amortization and Exploration

EV: Enterprise Value

ft: feet

F&D: Finding and Development

km: kilometer

LNG: Liquefied Natural Gas

m: meter

mi: mile

mbd: thousand barrels of oil per day

mboe: thousand barrels of oil equivalent

mboed: thousand barrels of oil equivalent per day

mcf: thousand cubic feet

mbbl: thousand barrels of oil

mmbbl: million barrels of oil



Appendix

mmcfd: million cubic feet per day

mmboe: million barrels of oil equivalent

NAV: Net Asset Value

NGL: Natural Gas Liquids

OML: Oil Mining Lease

PSC: Production Sharing Contract

PV: Present Value

RHS: Right Hand Side

SG&A: General and Administrative

YoY: Year-on-Year

15.2 Sources CNOOC (2010). Annual Results 2010. China National Offshore Oil Corporation. Available

from: http://www.cnoocltd.com/upload/encnoocltd/tzzgx/yjhtjcl/Results/images/2011323762.pdf

CNOOC (2011). Annual Results 2011. China National Offshore Oil Corporation. Available from: http://www.cnoocltd.com/upload/encnoocltd/tzzgx/yjhtjcl/Results/images/2012329897.pdf

CNOOC (2012). Annual Results 2012. China National Offshore Oil Corporation. Available from: http://www.cnoocltd.com/upload/encnoocltd/tzzgx/yjhtjcl/Results/images/20133221070.pdf

CNOOC (2013a). Annual Report 2013. China National Offshore Oil Corporation. Available from: http://www.cnoocltd.com/upload/Attach/mrfj/2014/04/2395984295.pdf

CNOOC (2013b). Annual Results 2012. China National Offshore Oil Corporation. Available from: http://www.cnoocltd.com/upload/encnoocltd/tzzgx/yjhtjcl/Results/images/20133221070.pdf

CNOOC (2014a). CNOOC 20F 2014. China National Offshore Oil Corporation. Available from: http://www.cnoocltd.com/jcms/jcms_files/jcms1/web5/site/attach/0/1504221853525885446.pdf

CNOOC (2014b). CNOOC Key Operating areas. China National Offshore Oil Corporation Limited. Available from: http://www.cnoocltd.com/col/col7311/index.html

CNOOC (2015a). Investor Presentation. China National Offshore Oil Corporation. Available from:



Appendix

http://www.cnoocltd.com/jcms/jcms_files/jcms1/web5/site/attach/0/1502031620226317294.pdf

CNOOC (2015b). Investor Results. China National Offshore Oil Corporation. Available from: http://www.cnoocltd.com/attach/0/1504241612326248922.pdf

Google Finance (2015). Summary. Google. Available from: http://www.google.com/finance?q=NYSE%3ATOT&ei=ZW1zUrHpK4iwkgW_igE

Yahoo Finance (2015). Historical Prices. Yahoo. Available from: http://in.finance.yahoo.com/q/hp?s=FP.PA&a=00&b=1&c=2014&d=11&e=31&f=2014&g=d [Accessed on January 3, 2014]



Appendix

15.3 Research Methodology GlobalData’s dedicated research and analysis teams consist of experienced professionals with

advanced statistical expertise and marketing, market research and consulting backgrounds in the

energy industry.

GlobalData adheres to the codes of practice of the Market Research Society (www.mrs.org.uk) and Strategic and Competitive Intelligence Professionals (www.scip.org).

All GlobalData databases are continuously updated and revised.

Coverage

The objective of updating GlobalData’s coverage is to ensure that it represents the most up-to-date

vision of the industry possible.

Changes to the industry taxonomy are built on the basis of extensive research of company,

association and competitor sources.

Company coverage is based on three key factors: market capitalization; revenues; and media

attention and innovation and market potential.

An exhaustive search of 56 member exchanges is conducted and companies are prioritized on the

basis of their market capitalization.

The estimated revenues of all major companies, including private and governmental, are gathered

and used to prioritize coverage.

Companies that are making the news or that are of particular interest due to their innovative approach are prioritized.

GlobalData aims to cover all major news events and deals in the energy industry, updated on a daily basis.

Secondary Research

The research process begins with extensive secondary research using internal and external sources to gather qualitative and quantitative information relating to each market.

The secondary research sources that are typically referred to include, but are not limited to:

Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings

Industry trade journals and other technical literature



Appendix

Internal proprietary and external databases

National government documents, statistical databases and market reports

News articles, press releases and web-casts specific to the companies operating in the market

Primary Research

GlobalData conducts hundreds of primary interviews each year with industry participants and commentators in order to validate its data and analysis. A typical research interview fulfills the following functions:

Provides first-hand information on market size, market trends, growth trends, competitive landscape and future outlook

Helps to validate and strengthen secondary research findings

Further develops the analysis team’s expertise and market understanding



Appendix

15.4 Disclaimer All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means; electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, GlobalData.

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