CNOOC Limited, Company Intelligence Report


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GlobalData

$ 1000

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China National Offshore Oil Corporation (CNOOC) is the third-largest National Oil Company (NOC) in the Peoples Republic of China (PRC) next to CNPC and Sinopec. CNOOC is a state-owned oil company, 70% of its shares are owned by the Government of the Peoples Republic of China, and the State-Owned. The company, through its subsidiaries, is engaged in the exploration, development, production and sales of crude oil and natural gas offshore of China; and other petroleum products. The company is listed on in Hong Kong and New York Stock exchange.

CNOOC has four production areas in offshore China: Bohai Bay, Western South China Sea, Eastern South China Sea and East China Sea. In addition, the company is also an offshore crude oil producer in Indonesia. The company also has upstream assets in Nigeria, Australia, the US, and some other countries. The company had net proved reserves of approximately 2,994.7Million barrels of oil equivalent (MMboe) and its average daily net production of nearly 328.8 MMboe as of December 31, 2010

Scope
  • Key Highlights: This section provides detailed analysis on the companys overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, hedging strategies, Capex funding, geographical results of oil and gas operations. 
  • Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals. 
  • SWOT: The reports SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market. 
  • Key Events for 2011: This section provides the companys expected operational and financial activities in 2011. This section maps the companys focus for 2011 in nut shell. 
  • Production and Development Overview: This section highlights the companys crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the companys producing and development assets. 
  • Exploration: This section includes detailed explanation and analysis on the companys exploration assets resulted due to new discoveries, new drilling and other activities. 
  • M&A trends: This section mainly provides information and analysis on the companys recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the companys status as a buyer or seller during the analyzed period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Net Asset Valuation method. 
  • Peer Group Analysis: This section compares the companys performance with its peer group on the basis of share prices, financial ratios, operational and financial parameters and other related parameters. 
  • Financial and Operational Metrics: This section covers the companys historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.
Reasons to buy
  • The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to 
  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table of content

1 Table of contents
1 Table of Contents
1.1 List of Tables
1.2 List of Figures

2 CNOOC Limited, Company Overview

3 CNOOC Limited, Key Events for 2011

4 CNOOC Limited, Key Highlights
4.1 Using M&A Route to Map Growth Strategy and Diversify Geographical Risk
4.2 Upcoming Projects to Drive Production Growth of the Company

5 CNOOC Limited, SWOT Analysis
5.1 Strength
5.1.1 Balanced Portfolio of Domestic and Overseas Assets
5.1.2 Strong Operating Margin and Reserve Replacement Ratio
5.1.3 Sufficient Cash from Operations to Support Capex and Development Plans
5.2 Weakness
5.2.1 Limited Geographical Reach
5.2.2 Low Reserve Addition through Acquisitions
5.3 Opportunities
5.3.1 Strategic Alliance with Industry Players
5.3.2 New Discoveries Made by the Company in 2010
5.4 Threats
5.4.1 Derailment of the Plans for Upcoming Assets
5.4.2 Inability to Maintain Additional Reserves from Overseas Assets

6 CNOOC Limited, Goals and Strategies
6.1 Form Strategic Alliances With Overseas Players to Increase Production Volumes
6.2 Grow Upstream Production at a CAGR of 6%-10% during 2011-2015

7 CNOOC Limited, Production Overview
7.1 Production Profile
7.2 China
7.2.1 Bohai Bay
7.2.2 Western South China Sea
7.2.3 Eastern South China Sea
7.2.4 East China Sea
7.3 Overseas
7.3.1 Asia
7.3.2 Oceania
7.3.3 Africa
7.3.4 North America
7.3.5 South America
7.4 Costs Incurred and Acreage

8 CNOOC Limited, Development Overview
8.1 China and Overseas

9 CNOOC Limited, Exploration and M&A Highlights
9.1 Exploration
9.2 China
9.2.1 Bohai Bay
9.2.2 Western South China Sea
9.2.3 Eastern South China Sea
9.2.4 East China Sea
9.3 Overseas
9.4 M&A Activity

10 CNOOC Limited, Other Segment Updates
10.1 Sales and Marketing
10.1.1 Sale of Crude Oil
10.1.2 Sale of Natural Gas
10.2 Science and Technology Development

11 CNOOC Limited, Production and Financial Statements Forecast
11.1 Income Statement (2008-2015)
11.2 Balance Sheet (2008-2015)
11.3 Cash Flow Statement (2008-2015)
11.4 Financial Ratios

12 CNOOC Limited, Valuation
12.1 Net Asset Value

13 CNOOC Limited, Peer Comparision
13.1 Share Price Performance
13.2 Operational and Financial Performance
13.3 Key Financial and Operational Ratio

14 CNOOC Limited, Detailed Financial and Operational Metrics
14.1 CNOOC Limited, Quarterly Results of Oil & Gas Operations Per boe Produced
14.1.1 Results of Oil & Gas Operations Per boe Produced, Q4, 2009-Q4, 2010
14.1.2 Results of Oil & Gas Operations Per boe Growth Rates, Q4, 2009-Q4, 2010
14.2 CNOOC Limited, Quarterly E&P Costs Trends
14.2.1 Upstream Capital Expenditure, Q4, 2009-Q4, 2010
14.3 CNOOC Limited, Total Oil and Gas Production
14.3.1 Total Crude Oil and Natural Gas Production Trend, Q4, 2009-Q4, 2010
14.3.2 Total Crude Oil & Natural Gas Production, By Country/Region, Q4, 2009-Q4, 2010
14.4 CNOOC Limited, Crude Oil Production
14.4.1 Total Crude Oil Production Trend, Q4, 2009-Q4, 2010
14.4.2 Crude Oil Production, By Country/Region, Q4, 2009-Q4, 2010
14.5 CNOOC Limited, Natural Gas Production
14.5.1 Total Natural Gas Production Trend, Q4, 2009-Q4, 2010
14.5.2 Natural Gas Production, By Country/Region, Q4, 2009-Q4, 2010
14.6 CNOOC Limited, Total Oil and Gas, Reserves and Production
14.6.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2004-2009
14.6.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2004-2009
14.6.3 Total Crude Oil and Natural Gas Reserve Changes, 2004-2009
14.7 CNOOC Limited, Crude Oil/Liquids Production and Reserve
14.7.1 Crude Oil/Liquids Production and Reserve Trend, 2004-2009
14.7.2 Crude Oil Production and Reserves By Country/Region, 2004-2009
14.7.3 Crude Oil/Liquids Reserve Changes, 2004-2009
14.8 CNOOC Limited, Natural Gas Production and Reserve
14.8.1 Natural Gas Production and Reserve Trend, 2004-2009
14.8.2 Natural Gas Production and Reserves, By Country/Region, 2004-2009
14.8.3 Natural Gas Reserve Changes, 2004-2009
14.9 CNOOC Limited, Total Crude Oil and Natural Gas Reserves Life Index
14.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 2004-2009
14.9.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2004-2009
14.10 CNOOC Limited, Allocation of the Upstream Capital Expenditure
14.10.1 Upstream Capital Expenditure, 2004-2009
14.10.2 Acquisition Costs By Country/Region, 2004-2009
14.10.3 Exploration and Development Costs, By Country/Region, 2004-2009
14.11 CNOOC Limited, Oil and Gas Cost Per boe, $/boe
14.11.1 Oil and Gas Cost Per boe, $/boe, 2004-2009
14.11.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2004-2009
14.12 CNOOC Limited, Oil and Gas Production Replacement Ratio
14.12.1 Oil and Gas Production Replacement Ratio, 2004-2009
14.12.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2004-2009
14.13 CNOOC Limited, Oil and Gas Revenue and Expenses
14.13.1 Oil and Gas Revenue and Expenses, 2004-2009
14.13.2 Oil and Gas Revenue and Expenses, By Country/Region, 2004-2009
14.14 CNOOC Limited, Oil and Gas Revenue and Expenses, Per boe
14.14.1 Oil and Gas Revenue and Expenses, By boe, 2004-2009
14.14.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2004-2009
14.15 CNOOC Limited, Oil and Gas Performance Metrics
14.16 CNOOC Limited, Land Holdings and Well Data
14.16.1 Gross and Net Developed and Undeveloped Acreage, 2004-2009
14.16.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2004-2009
14.17 CNOOC Limited, Well Statistics
14.17.1 Producible Oil and Gas Well, 2004-2009
14.17.2 Producible Oil and Gas Well, By Country/Region, 2004-2009
14.17.3 Exploration and Development Wells Drilled, 2004-2009
14.17.4 Exploration and Development Wells Drilled, By Country/Region, 2004-2009
14.17.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004-2009
14.17.6 Developed Reserves per Well, By Country/Region, 2004-2009

15 Appendix
15.1 Abbreviations
15.2 Methodology
15.2.1 Coverage
15.2.2 Secondary Research
15.2.3 Primary Research
15.2.4 Expert Panel Validation
15.3 Methodology for Company Valuation
15.4 Contact Us
15.5 Disclaimer

Table 1: CNOOC Limited, Key Events, 20102011 13
Table 2: CNOOC Limited, Top 10 Deals by Value, 20072011 16
Table 3: CNOOC Limited, Upcoming Projects, 2011 31
Table 4: CNOOC Limited, Recent Transactions as a Buyer, 20102011 34
Table 5: CNOOC Limited, Recent Transactions as a Seller, 20102011 35
Table 6: CNOOC Limited , Production Forecast, 20082015 38
Table 7: GlobalData, Commodity Price Forecasts, 2011-2015 38
Table 8: CNOOC Limited , Income Statement ($m), 20082015 40
Table 9: CNOOC Limited, Balance Sheet ($m), 20082015 41
Table 10: CNOOC Limited, Cash Flow Statement, $m, 20082015 42
Table 11: CNOOC Limited, Profitability Ratios, 20082015 43
Table 12: CNOOC Limited, Other Financial Ratios, 20082015 44
Table 13: GlobalData, Price Forecasts, 2011-2015 45
Table 14: CNOOC Limited, Net Asset Value, 2011 46
Table 15: CNOOC Limited, Prospective Acreage & Non Proven Reserves, 2011 46
Table 16: CNOOC Limited, NPV of Natural Gas Reserves, $/Mcf, 2010 47
Table 17: CNOOC Limited, NPV of Oil/NGL Reserves, $/bbl, 2010 47
Table 18: CNOOC Limited, NPV OF Total Oil and Natural Gas Reserves, $/boe, 2010 48
Table 19: CNOOC Limited and Peer Group Comparison, Operational and Financial Performance, 2009 50
Table 20: CNOOC Limited and its Peer Group Comparison, Financial Ratios, 2009 52
Table 21: CNOOC Limited, Results of Oil & Gas Operations Per boe Produced, $/boe, Q4, 2009-Q4, 2010 54
Table 22: CNOOC Limited, Results of Oil & Gas Operations Per boe Growth Rates, %, Q4, 2009-Q4, 2010 54
Table 23: CNOOC Limited, Upstream Capital Expenditure, Q4, 2009-Q4, 2010 55
Table 24: CNOOC Limited, Total Crude Oil and Natural Gas, Production, Q4, 2009-Q4, 2010 56
Table 25: CNOOC Limited, Total Oil & Gas Production, By Country/Region, MMboe, Q4, 2009-Q4, 2010 57
Table 26: CNOOC Limited, Total Crude Oil Production, MMbbl, Q4, 2009-Q4, 2010 58
Table 27: CNOOC Limited, Crude Oil Production, By Country/Region, MMbbl, Q4, 2009-Q4, 2010 59
Table 28: CNOOC Limited, Total Natural Gas Production, Bcf, Q4, 2009-Q4, 2010 60
Table 29: CNOOC Limited, Natural Gas Production, By Country/Region, Bcf, Q4, 2009-Q4, 2010 61
Table 30: CNOOC Limited, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009 62
Table 31: CNOOC Limited, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2004-2009 64
Table 32: CNOOC Limited, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2004-2009 65
Table 33: CNOOC Limited, Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009 66
Table 34: CNOOC Limited, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2004-2009 68
Table 35: CNOOC Limited, Crude Oil Reserve Changes, MMbbl, 2004-2009 69
Table 36: CNOOC Limited, Natural Gas Production and Reserves Metrics, Bcf, 2004-2009 70
Table 37: CNOOC Limited, Natural Gas Production and Reserves, By Country/Region, Bcf, 2004-2009 72
Table 38: CNOOC Limited, Natural Gas Reserve Changes, Bcf, 2004-2009 73
Table 39: CNOOC Limited, Oil and Gas Reserves Life Index, Years, 2004-2009 74
Table 40: CNOOC Limited, Oil and Gas Reserves Life Index, By Country/Region, Years, 2004-2009 76
Table 41: CNOOC Limited, Upstream Capital Expenditure, $m, 2004-2009 77
Table 42: CNOOC Limited, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2004-2009 79
Table 43: CNOOC Limited, Exploration and Development Costs, By Country/Region, $m, 2004-2009 81
Table 44: CNOOC Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2004-2009 83
Table 45: CNOOC Limited, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2004-2009 86
Table 46: CNOOC Limited, Oil and Gas Production Replacement Ratio, %, 2004-2009 87
Table 47: CNOOC Limited, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2004-2009 92
Table 48: CNOOC Limited, Revenue and Expenses, $m, 2004-2009 93
Table 49: CNOOC Limited, Revenue and Expenses, By Country/Region, $m, 2004-2009 98
Table 50: CNOOC Limited, Oil and Gas Revenue and Expenses, $/boe, 2004-2009 99
Table 51: CNOOC Limited, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2004-2009 103
Table 52: CNOOC Limited, Oil and Gas Performance Metrics, 2004-2009 105
Table 53: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2004-2009 106
Table 54: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2004-2009 109
Table 55: CNOOC Limited, Producible Oil and Gas Wells, 2004-2009 110
Table 56: CNOOC Limited, Producible Oil and Gas Wells, By Country/Region, 2004-2009 114
Table 57: CNOOC Limited, Exploratory and Developed Wells, 2004-2009 117
Table 58: CNOOC Limited, Exploratory and Developed Wells, By Country/Region, 2004-2009 118
Table 59: CNOOC Limited, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2004-2009 120
Table 60: CNOOC Limited, Developed Reserves per Well, By Country/Region, Mboe per Well, 2004-2009 122
Figure 1: CNOOC Limited, Operational Map, 2011 9
Figure 2: CNOOC Limited, Performance Charts, 20072010 10
Figure 3: CNOOC Limited, Share Price Performance, March 2010March 2011 12
Figure 4: CNOOC Limited, New Fields, Producing Fields and Acquisitions, 2010 17
Figure 5: CNOOC Limited, Production From Upstream Assets, 20052015 18
Figure 6: CNOOC Limited, Cash Flow from Operating Activities, Capex and Capex as % of Cash Flows, 20062010 20
Figure 7: CNOOC Limited, Acquisitions and JVs, 2010 22
Figure 8: CNOOC Limited, Total Production from China and Overseas Assets, MMboe, 20052015 24
Figure 9: CNOOC Limited, Production Mix (%), 200620010 25
Figure 10: CNOOC Limited, Costs Incurred, $m, 20052010 28
Figure 11: CNOOC Limited, Reserve Replacement Ratio and Finding and Development Cost, 20052010 29
Figure 12: CNOOC Limited, Development Cost, $m, 20052010 30
Figure 13: CNOOC Limited, Exploration Cost, $m, 20052010 32
Figure 14: CNOOC Limited, Downstream Segment Revenue, Total Revenue and Downstream Revenue as % of Total Revenue, 20062010 37
Figure 15: CNOOC Limited and its peers, Relative Share Price Performance Index, February 2010 February 2011 49
Figure 16: CNOOC Limited, F&D costs and Reserve Replacement Ratio, 2010 51
Figure 17: CNOOC Limited, Operational and Financial Parameters in $/boe, 2010 51
Figure 18: CNOOC Limited and Peer Group, Comparative Valuation Multiples, 2010 53
Figure 19: CNOOC Limited, Results of Oil & Gas Operations Per boe Produced, $/boe, Q4, 2009-Q4, 2010 54
Figure 20: CNOOC Limited, Upstream Capital Expenditure, $m, Q4, 2009-Q4, 2010 55
Figure 21: CNOOC Limited, Total Crude Oil and Natural Gas, Production, MMboe, Q4, 2009-Q4, 2010 56
Figure 22: CNOOC Limited, Total Oil & Gas Production, By Country/Region, MMboe, Q4, 2009-Q4, 2010 57
Figure 23: CNOOC Limited, Total Crude Oil Production, MMbbl, Q4, 2009-Q4, 2010 58
Figure 24: CNOOC Limited, Crude Oil Production, By Country/Region, MMbbl, Q4, 2009-Q4, 2010 59
Figure 25: CNOOC Limited, Total Natural Gas Production, Bcf, Q4, 2009-Q4, 2010 60
Figure 26: CNOOC Limited, Natural Gas Production, By Country/Region, Bcf, Q4, 2009-Q4, 2010 61
Figure 27: CNOOC Limited, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004-2009 62
Figure 28: CNOOC Limited, Total Proved Oil & Gas Reserves, By Country/Region, MMboe, 2004-2009 63
Figure 29: CNOOC Limited, Total Oil & Gas Production, By Country/Region, MMboe, 2004-2009 63
Figure 30: CNOOC Limited, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 65
Figure 31: CNOOC Limited, Crude Oil Production and Reserves Metrics, MMbbl, 2004-2009 66
Figure 32: CNOOC Limited, Total Proved Oil Reserves, By Country/Region, MMbbl, 2004-2009 67
Figure 33: CNOOC Limited, Oil Production, By Country/Region, MMbbl, 2004-2009 67
Figure 34: CNOOC Limited, Crude Oil Reserve Changes, MMbbl, 2009 69
Figure 35: CNOOC Limited, Natural Gas Production and Reserves Metrics, Bcf, 2004-2009 70
Figure 36: CNOOC Limited, Total Proved Gas Reserves, By Country/Region, Bcf, 2004-2009 71
Figure 37: CNOOC Limited, Gas Production, By Country/Region, Bcf, 2004-2009 71
Figure 38: CNOOC Limited, Natural Gas Reserve Changes, Bcf, 2009 73
Figure 39: CNOOC Limited, Oil and Gas Reserves Life Index, Years, 2004-2009 74
Figure 40: CNOOC Limited, Gas Reserve Life Index, By Country/Region, Years, 2004-2009 75
Figure 41: CNOOC Limited, Oil & Gas Reserve Life Index, By Country/Region, Years, 2004-2009 75
Figure 42: CNOOC Limited, Oil Reserve Life Index, By Country/Region, Years, 2004-2009 76
Figure 43: CNOOC Limited, Upstream Capital Expenditure, $m, 2004-2009 77
Figure 44: CNOOC Limited, Proved Acquisition Costs, By Country/Region, $m, 2004-2009 78
Figure 45: CNOOC Limited, Unproved Acquisition Costs, By Country/Region, $m, 2004-2009 78
Figure 46: CNOOC Limited, Development Costs, By Country/Region, $m, 2004-2009 80
Figure 47: CNOOC Limited, Exploration Costs, By Country/Region, $m, 2004-2009 80
Figure 48: CNOOC Limited, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2004-2009 82
Figure 49: CNOOC Limited, 3-Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/boe, 2004-2009 84
Figure 50: CNOOC Limited, 3-Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/boe, 2004-2009 84
Figure 51: CNOOC Limited, 3-Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/boe, 2004-2009 85
Figure 52: CNOOC Limited, 3-Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/boe, 2004-2009 85
Figure 53: CNOOC Limited, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2004-2009 87
Figure 54: CNOOC Limited, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2004-2009 89
Figure 55: CNOOC Limited, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2004-2009 89
Figure 56: CNOOC Limited, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2004-2009 90
Figure 57: CNOOC Limited, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2004-2009 90
Figure 58: CNOOC Limited, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2004-2009 91
Figure 59: CNOOC Limited, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2004-2009 91
Figure 60: CNOOC Limited, Revenue and Expenses, $m, 2004-2009 93
Figure 61: CNOOC Limited, Depreciation, Depletion & Amortization , By Country/Region, $m, 2004-2009 94
Figure 62: CNOOC Limited, Exploration Expenses, By Country/Region, $m, 2004-2009 94
Figure 63: CNOOC Limited, Income Tax/(Benefit), By Country/Region, $m, 2004-2009 95
Figure 64: CNOOC Limited, Net Income/ Loss, By Country/Region, $m, 2004-2009 95
Figure 65: CNOOC Limited, Oil & Gas Revenue, By Country/Region, $m, 2004-2009 96
Figure 66: CNOOC Limited, Pre-tax Profit, By Country/Region, $m, 2004-2009 96
Figure 67: CNOOC Limited, Production Expenses, By Country/Region, $m, 2004-2009 97
Figure 68: CNOOC Limited, Total Expenses, By Country/Region, $m, 2004-2009 97
Figure 69: CNOOC Limited, Oil and Gas Revenue and Expenses, $/boe, 2004-2009 99
Figure 70: CNOOC Limited, Exploration Expenses per boe, By Country/Region, $/boe, 2004-2009 100
Figure 71: CNOOC Limited, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2004-2009 100
Figure 72: CNOOC Limited, Lifting Cost per boe, By Country/Region, $/boe, 2004-2009 101
Figure 73: CNOOC Limited, Annual Net Income per boe, By Country/Region, $/boe, 2004-2009 101
Figure 74: CNOOC Limited, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2004-2009 102
Figure 75: CNOOC Limited, Total DD&A per boe, By Country/Region, $/boe, 2004-2009 102
Figure 76: CNOOC Limited, Total Revenue per boe, By Country/Region, $/boe, 2004-2009 103
Figure 77: CNOOC Limited, Oil and Gas Performance Metrics, 2004-2009 105
Figure 78: CNOOC Limited, Land Holdings (Developed and Undeveloped Acreage), Acres, 2004-2009 106
Figure 79: CNOOC Limited, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2004-2009 107
Figure 80: CNOOC Limited, Total Net Undeveloped Acreage, By Country/Region, Acres, 2004-2009 107
Figure 81: CNOOC Limited, Total Gross Developed Acreage, By Country/Region, Acres, 2004-2009 108
Figure 82: CNOOC Limited, Total Net Developed Acreage, By Country/Region, Acres, 2004-2009 108
Figure 83: CNOOC Limited, Producible Oil and Gas Wells, 2004-2009 110
Figure 84: CNOOC Limited, Gross Producible Gas Wells, By Country/Region, Number, 2004-2009 111
Figure 85: CNOOC Limited, Gross Producible Oil & Gas Wells, By Country/Region, Number, 2004-2009 111
Figure 86: CNOOC Limited, Gross Producible Oil Wells, By Country/Region, Number, 2004-2009 112
Figure 87: CNOOC Limited, Net Oil & Gas Wells as % of Gross Oil & Gas Wells, By Country/Region, %, 2004-2009 112
Figure 88: CNOOC Limited, Net Producible Gas Wells, By Country/Region, Number, 2004-2009 113
Figure 89: CNOOC Limited, Net Producible Oil & Gas Wells, By Country/Region, Number, 2004-2009 113
Figure 90: CNOOC Limited, Net Producible Oil Wells, By Country/Region, Number, 2004-2009 114
Figure 91: CNOOC Limited, Exploratory and Developed Wells, 2004-2009 116
Figure 92: CNOOC Limited, Developed Gas Reserves per Well (MMcf per Well), By Country/Region, 2004-2009 121
Figure 93: CNOOC Limited, Developed Oil & Gas Reserves per Well (Mboe per Well), By Country/Region, 2004-2009 121
Figure 94: CNOOC Limited, Developed Oil Reserves per Well (Mbbls per Well), By Country/Region, 2004-2009 122