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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  CNOOC Limited    0883   HK0883013259

CNOOC LIMITED

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China's CNOOC plans to lift 2020 capex to highest since 2014

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01/13/2020 | 05:20am EST
Worker walks past the logo of China National Offshore Oil Corporation (CNOOC) at its Nanshan liquefied natural gas (LNG) terminal in Hainan

China's offshore oil and gas major CNOOC Ltd is planning to lift capital spending to 85 billion to 95 billion yuan ($12.34 billion-$13.79 billion) this year, the highest since 2014, as it focuses on domestic drilling, it said on Monday.

Last year's capex budget was 70-80 billion yuan. [nFWN29G1AQ]

The state-owned firm said it is targeting total net oil and gas output this year of 520-530 million barrels of oil equivalent (boe), an increase from last year's estimated output of 503 million boe.

The firm's latest estimate of 2019 production was well above an earlier target at 480-490 million boe.

Production from offshore China will account for about 64% of the 2020 target and overseas operations 36%, the company said.

CNOOC also estimated that its net production would reach around 555 million boe in 2021 and 590 million boe in 2022.

It expects to bring on stream ten new projects in 2020, mostly offshore China, such as block 4 of the Penglai 19-3 oilfield, phase II of Penglai 19-9, Qinhuangdao 33-1 South oilfield phase I and Bozhong 19-6 gas field's pilot development.

Also among the new projects are Liza phase I of Guyana and Buzzard oilfield phase II in the United Kingdom, with the Liza operation already starting production ahead of schedule, it said.

(Reporting by Chen Aizhu; Editing by Jan Harvey and Raju Gopalakrishan)

Stocks mentioned in the article
ChangeLast1st jan.
CNOOC LIMITED -2.70% 12.98 End-of-day quote.0.15%
LONDON BRENT OIL -0.89% 62.08 Delayed Quote.-2.27%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.23% 6.9243 Delayed Quote.-0.71%
WTI -0.84% 55.64 Delayed Quote.-5.00%
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Financials (CNY)
Sales 2019 225 B
EBIT 2019 81 252 M
Net income 2019 57 913 M
Debt 2019 113 B
Yield 2019 4,73%
P/E ratio 2019 10,1x
P/E ratio 2020 9,68x
EV / Sales2019 3,09x
EV / Sales2020 2,92x
Capitalization 580 B
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Technical analysis trends CNOOC LIMITED
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Mean consensus BUY
Number of Analysts 18
Average target price 14,52  CNY
Last Close Price 13,00  CNY
Spread / Highest target 23,5%
Spread / Average Target 11,7%
Spread / Lowest Target 1,82%
EPS Revisions
Managers
NameTitle
Ke Qiang Xu President, CEO & Executive Director
Dong Jin Wang Chairman
Wei Zhi Xie Chief Financial Officer
Sung Hong Chiu Independent Non-Executive Director
Juen Yee Lau Independent Non-Executive Director
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