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China National Offshore Oil Investor Presentation

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China National Offshore Oil Investor Presentation Powered By Docstoc
					中国海洋石油有限公司
2009 Strategy Preview

CNOOC LIMITED

January 20, 2009 January 20, 2009

The information contained in our presentation is intended solely for your personal reference. In addition, such information contains projections and forward-looking statements that reflect the Company’s current views with respect to future events and financial performance. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and financial condition of the company, or industry results, to be materially different from any future results, performance or financial condition, expressed or implied by such forwardlooking statements. Such factors include, among other things, oil and gas prices, the amount and nature of future exploration, development and other capital expenditures, the economic and political conditions legal systems and various business and regulatory factors affecting the petroleum industry in Hong Kong, mainland China and other countries and regions. No assurance can be given that future events will occur, that projections will be achieved, or that the Company’s assumptions are correct. Actual results may differ materially from those projected.

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Highlights
Strong production growth continues
Production target at 225-231 mmboe (@WTI US$60.0/bbl) 10 development projects to see first production

More efforts on exploration
Continuously focus on core areas 80+ exploration wells, 30,000+ km 2D and 9,200+ km2 3D seismic

Maintain Capex for future growth
US$ 1.1 billion for exploration, US$ 4.4 billion for development and US$ 1.1 billion for production

Prudent financial policy
Maintain low cost structure

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2009 Production Target

Million BOE

225-231 195-199 24-26 195-197 25-26 194-196 24-25 40-43

200 150

185-188
100

171-173

170-171

170-171

50

0 2008 Budget
(@WTI US$70.0/bbl)

2008 Estimate
(@WTI US$70.0/bbl)

2008 Estimate
(@WTI US$100.1/bbl)

2009 Budget
(@WTI US$60.0/bbl)

Offshore China

Overseas

We target our 2009 production at 225-231 mmBOE under WTI price of US$60.0/barrel, representing an increase of 15%-18% from 2008
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2008: A Hard Year

Constraint of service capacities and frequent typhoons impacted the commencement of projects and 2008 production volume
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Projects to Come on Stream in 2009

Bozhong 34-1N Bozhong 13-1 Bozhong 3-2

Qinhuangdao 33-1

Bozhong 28-2S Huizhou 25-3

Panyu 30-1 Ledong 22-1/15-1

Oil Gas

Nigeria OML130

Indonesia Tangguh

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Major Projects on Track: Ledong 22-1/15-1
Platform 22-1:
Offshore installation completed

Platform 15-1:
Jacket offshore installation completed Module construction underway
Offshore installation of Platform B

Terminal construction underway Peak production: ~150 mmcf/d

Jacket installation of Platform D

FPSO in construction 7

Major Projects on Track: Bozhong 28-2S
Platform CEP:
Jacket and module construction completed Offshore installation underway

Peak production: ~23,000 bbls/d

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2009 CAPEX Allocation

Capital Expenditure
(US$ MM)
8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 666 2007A 2837 1045 2008E 1105 2009B 12 332 3863

6,756 5,679 3,847
39 732 147 1121

4383

Exploration

Development

Production

Others

More capital allocated in 2009 to support robust development pipeline and extensive exploration program
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Robust Development Pipeline
Jacket Construction
30 20 10 0

2008E

2009B

Module Construction
40 30 20 10 0

2008E

2009B

Pipeline (km)
800 600 400 200 0

2008E

2009B

20+ development projects under construction in 2009
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Extensive Exploration Program

Exploration Wells
80+

2D Seismic (km)
30000+ 20000+

3D Seismic (km2)

70+

8600+

9200+

2008E

2009B

2008E

2009B

2008E

2009B

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2009 Exploration Focus
Oil Exploration
Bohai Bay

Bohai Bay
5 areas including Yellow River Mouth Sag and Bozhong Trough

Eastern South China Sea
Oil rich areas, i.e. adjacent Huizhou oilfields

Western South China Sea
Rolling exploration in Weixinan Aiming to expand into new area

Gas Exploration
Shallow water in South China Sea
Eastern South China Sea

Deepwater
Both PSC and independent exploration efforts

Western South China Sea

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Costs May Remain High in 2009

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2005-2009 Production Growth: Budget vs. Actual

mmboe

250 200 150 100 50 0 2005
155

GR 1% CA t: 7%-1 rge wth Ta on Gro ti Produc

167

171

194-196

225-231

2006

2007

2008E

2009B

Our 2005-2009 production growth is expected to reach near the high end of our production growth target set early 2005
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Sustainable, Stable and Profitable Growth

Reserves

Continue to add reserves through exploration and acquisitions RRR: >100%

Development

10 development projects scheduled to come on stream in 2009

Production Financial Management HSE

Production target of 225-231 mmboe

Maintain prudent financial discipline

Maintain company-wide focus and high standard on HSE

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www.cnoocltd.com


				
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Description: 2009 Strategy presentation for investors for CNOOC _ China National Offshore Oil Corp