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

CNOOC LTD

(0883)
  Report  
End-of-day quote. End-of-day quote Stock Exchange of Hong Kong - 09/18
12.68 HKD   -1.40%
09/17ASIA MARKETS: Asian Markets Flat Ahead Of Fed Interest-rate Decision
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09/15ASIA MARKETS: Asian Markets Mostly Fall As Crude Prices Soar
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09/15Shares of Chinese Oil Giants Jump as Crude Oil Prices Rise
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CNOOC : China National Oil Corp. Seeks Nigeria's Support to Boost Output

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08/15/2019 | 04:28pm EDT

By Obafemi Oredein

IBADAN, Nigeria--The China National Offshore Oil Corporation currently produces 800,000 barrels of oil per day worldwide and plans to raise the output to 1.2 million barrels per day, its vice president Lu Yan Ji said Thursday.

Speaking at a meeting with Mele Kyari, head of Nigeria's National Petroleum Corporation, in Abuja, Mr. Ji said Nigeria was one of the targeted places to actualize the target.

He said Nigeria was one of his company's largest investment destinations, with an investments outlay of about $16 billion in the West African country, and sought the NNPC's support in securing the investments, according to an NNPC statement.

CNOOC currently has interest in Oil Mining Lease (OML) 130 in partnership with the NNPC, Total and Petrobras, the statement said, adding that the Chinese company began business in Nigeria in 2005.

Mr. Ji said it was necessary for the NNPC and CNOOC to work closely together.

Mr. Kyari commended CNOOC for its plan to expand its investment in the Nigerian petroleum industry and assured it of the corporation's support.

"To have investment of $16bn in Nigeria is clearly an indication of your confidence in us. We have a target to grow production to 3m barrels per day by 2023, to do that, we need partners like you. You can count on us because we have common interest," Mr. Kyari said.

Nigeria is Africa's largest crude oil exporter and the administration of President Muhammadu Buhari has close ties with China, while several development projects in Nigeria like railway, roads, bridges and dams are handled by Chinese companies.

Stocks mentioned in the article
ChangeLast1st jan.
CNOOC LTD -1.40% 12.68 End-of-day quote.4.28%
WTI 0.16% 58.11 Delayed Quote.21.48%
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Financials (CNY)
Sales 2019 221 B
EBIT 2019 80 145 M
Net income 2019 56 306 M
Debt 2019 114 B
Yield 2019 5,54%
P/E ratio 2019 8,99x
P/E ratio 2020 8,85x
EV / Sales2019 2,83x
EV / Sales2020 2,65x
Capitalization 512 B
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Mean consensus BUY
Number of Analysts 20
Average target price 14,23  CNY
Last Close Price 11,47  CNY
Spread / Highest target 42,3%
Spread / Average Target 24,0%
Spread / Lowest Target 0,69%
EPS Revisions
Managers
NameTitle
Guang Yu Yuan Chief Executive Officer & Executive Director
Ke Qiang Xu President & Executive Director
Hua Yang Chairman
Wei Zhi Xie Chief Financial Officer
Sung Hong Chiu Independent Non-Executive Director
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PIONEER NATURAL RESOURCES4.75%23 235