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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  CNOOC Limited    883   HK0883013259

CNOOC LIMITED

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China CNOOC says to raise gas' share to half of output by 2035

10/22/2020 | 06:51am EST
The logo of China National Offshore Oil Corp (CNOOC) is pictured at its headquarters in Beijing

SINGAPORE (Reuters) - China's national offshore oil and gas producer CNOOC Ltd said on Thursday it aims to raise the share of natural gas to make up half of its total output by 2035 to contribute to a national carbon neutral target by 2060.

CNOOC will accelerate natural gas exploration and production both in China and overseas, and also expand its offshore wind power business as two key paths to cut greenhouse gas emissions, Xie Weizhi, chief financial officer told reporters.

Currently gas accounts for 21% of its production portfolio, Xie said.

CNOOC said its third-quarter revenue fell 26.8% on year to 35.55 billion yuan ($5.32 billion)as weak oil prices overrode the benefit of increased production.

Realised oil prices fell 29% to $43.03 per barrel, while gas prices gained 2% to $5.85 per thousand cubic feet, as China's regulated gas prices are cushioned from the impact of weak global oil prices.

Total net production rose 5.1% on year at 131.2 million barrels of oil equivalent, bolstered by a robust 10.4% growth in production at home as the state major prioritised spending in domestic activities under a state call to boost supply security.

Overseas output, however, fell 4.6% on scalebacks in projects like Nigeria's deepwater Egina and Longlake oil sands in Canada.

During the period CNOOC began production from four new domestic offshore projects, including three at Bohai Bay -- Nanbao 35-2 oil field S1 area, Jinzhou 25-1 oilfield 6/11 area and Bozhong 19-6 condensate gas field -- and Liuhua 16-2/Liuhua 20-2 in the Pearl River Mouth basin.

Near-term, gas production will be lifted by two sizeable fields - the Lingshui 17-2 deepwater project in the south China Sea slated for start-up in the second half of 2021 and the newly started Bozhong condensate gas field.

Its third-quarter capital spending dropped 5.8% on year to 18.40 billion yuan, it said.

($1 = 6.6786 Chinese yuan renminbi)

(Reporting by Chen Aizhu; Editing by Simon Cameron-Moore)

By Chen Aizhu


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CNOOC LIMITED -0.65% 7.7 End-of-day quote.-40.59%
LONDON BRENT OIL 0.46% 48.16 Delayed Quote.-27.74%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.09% 6.5461 Delayed Quote.-5.89%
WTI 0.64% 45.15 Delayed Quote.-26.33%
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Financials
Sales 2020 160 B 24 449 M 24 449 M
Net income 2020 23 086 M 3 518 M 3 518 M
Net Debt 2020 111 B 16 980 M 16 980 M
P/E ratio 2020 15,0x
Yield 2020 4,81%
Capitalization 344 B 44 349 M 52 389 M
EV / Sales 2020 2,84x
EV / Sales 2021 2,41x
Nbr of Employees 18 425
Free-Float 35,6%
Chart CNOOC LIMITED
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Technical analysis trends CNOOC LIMITED
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TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
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Mean consensus BUY
Number of Analysts 22
Average target price 9,33 CNY
Last Close Price 7,70 CNY
Spread / Highest target 68,4%
Spread / Average Target 21,2%
Spread / Lowest Target -7,01%
EPS Revisions
Managers
NameTitle
Ke Qiang Xu Chief Executive Officer & Executive Director
Guang Jie Hu President & Executive Director
Dong Jin Wang Chairman
Wei Zhi Xie Chief Financial Officer
Sung Hong Chiu Independent Non-Executive Director
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