Company Profile:
Where is CNOOC Limited listed and what is its stock code?
●     CNOOC Limited is listed on three stock exchanges.
●     The Company’s common stock is traded on the Hong Kong Stock Exchange under the stock code 00883.
●     CNOOC Limited’s American Depositary Receipts(ADRs) are traded on the New York Stock Exchange and the Toronto Stock Exchange
       under the stock codes CEO and CNU, respectively.
What is CNOOC Limited’s core business and where are its assets distributed?
●     CNOOC Limited is China’s largest offshore crude oil and natural gas producer and is also one of the world’s largest independent oil
       and gas exploration and production companies. It is principally engaged in the exploration, development, production and sale of oil and
       natural gas.
●     The Company’s core operation areas are Bohai, the Western South China Sea, Eastern South China Sea and East China Sea in offshore
       China. The Company also has oil and gas assets in Asia, Africa, North America, South America, Oceania and Europe.
What is the relationship between CNOOC Limited and its parent company China National Offshore Oil Corporation?
●     China National Offshore Oil Corporation is the Company’s largest shareholder. It currently holds approximately 64.44% of the Company’s
What is the composition of CNOOC Limited Board of Directors?
●     CNOOC Limited’s Board currently consists of 9 members, including 2 executive directors, 3 non-executive directors and
       4 independent non-executive directors.
What is CNOOC Limited’s credit rating?
●     Standard & Poor’s has issued a credit rating of A for CNOOC Limited, while Moody’s has issued a credit rating of A1.
What is CNOOC Limited’s vision in terms of social responsibility?
CNOOC Limited strives to become:
●     The driving force in sustainable energy supply
●     The leader in promoting clean, healthy and environmentally friendly business development
●     The motivating force in promoting social progress together with various stakeholders
What is CNOOC Limited’s dividend policy?
●     The Company will continue to follow the established dividend policy, and constantly focus on shareholder return. Our dividend
       distribution will continue to consider factors such as current and future earnings, financial condition, capital expenditure plans and
       business development progress;
●     At the same time, we will benchmark international peers’ dividend payment.
Operation and Finance:
In line with the rebound in oil prices, will the Company adjust its operating strategies in 2018?
●     The Company closely monitors trends in the oil market. And in line with the rebound in oil prices, the Company will adjust its operating strategy
       over time. Its 2018 strategies include: Steadily increase oil and gas reserve and production level; Continue to reinforce quality and
       efficiency enhancement; Strengthen innovation and technology-driven philosophy; Maintain prudent financial policy and investment
       decision-making; and pursue a green, healthy and environmentally friendly development model.
What’s CNOOC Limited’s Capex plan in 2018? What oil price assumption is this based on?
●     The Company’s total capital expenditure for 2018 is budgeted at RMB70.0 to RMB80.0 billion. The capital expenditure for first quarter was
       RMB9.66 billion, an increase of 11.4% over the same period of last year.
●     The Capex spending is based on the assumption of US$53 per barrel of Brent oil price.
●     The increased Capex will vigorously support our increasing activities for exploration, development and production in 2018.
●     While raising its Capex, the Company will continue to maintain a prudent financial policy and investment decision-making.
Based on the current situation, is there any room for further cost reductions?
●     In 2017, the Company’s all-in cost was US$32.54 per BOE, down 6.2% from a year earlier of US$34.67, which was primarily due to effective cost        control and improvements in quality and efficiency enhancement.
●     In 2018, the Company will reinforce quality and efficiency enhancement by various measures including technology and management innovation, and        facilities sharing, etc., to further strengthen our cost competitiveness.
●     The macro environment and oil prices may continue to change in the future, and it is beyond the control of the Company. Our goal is to have a        competitive cost compared to the same region or similar assets.
What is CNOOC Limited’s dividend policy? Will the Company adjust the dividend policy in the future?
●     The Company’s dividend distribution will continue to consider the below four factors: current and future earnings, financial condition, capital        expenditure plans and business development progress.
●     The Company has been benchmarking international peers’ dividend payments. The Company’s dividend yield in 2017 was 4.4%, maintaining
        a leading position among E&P peers.
●     Our management has been committed to delivering a sustainable return for its shareholders and to achieve the Company's sustainable        development.
What was the Company’s reserve life and reserve replacement rate in 2017? Is there room for improvement in the future?
●     The Company’s reserve life was 10.3 years by the end of 2017, with the reserve replacement ratio reaching 305% for the year. The reserve        replacement ratio excluding mergers and acquisition was 289%. The Company believes that the current reserve life is at a
       reasonable level.
●     The reserve replacement ratio of new discoveries and extensions exceeded 100% in 2017. The Company will continue to find economic
       reserve through exploration.
What are the Company’s overseas assets distributions? Will the Company consider any overseas mergers and acquisitions?
●     Over the years of development in the overseas markets, the Company has strengthened its global presence and established a diversified
       oil and gas portfolio in more than 20 countries and regions.
●     The Company has been actively involved in various global top-tier projects in Libra, Liza, Buzzard, Appomattox, Stampede etc. and has
       become one of the leading project participants within the industry.
●     Leveraging its existing assets, the Company will continue to focus on its strategic core areas to realize organic growth.
●     The Company has teams of specialists following potential mergers and acquisitions projects. It will capitalize on arising opportunities
       of mergers and acquisitions under prudent assessments.
What is the Company’s production target for the next three years? What are the key driving forces of production growth? Will the production growth in overseas projects move faster than the projects in China?
●     Our production target is 470-480 mmboe this year. Production in 2019 will be approximately 485 mmboe, and in 2020 it will be approximately 500        mmboe.
●     Currently, the Company has more than 20 projects under construction and a number of new projects will come on stream in the next few years. The        future projects are expected to provide strong support for the sustainable development of the Company in the mid to long-term.
●     With the overseas projects coming on stream in the next few years, overseas production will deliver higher growth.
How does the Company assess the future development of China's natural gas industry? Compared to crude oil, will the Company's future growth in natural gas production be faster?
●     China will continue to improve its energy structure and increase the supply of clean energy. In recent years, serious gas shortages have occurred        during winter in northern China, which caused the government and society to pay more attention to the supply of natural gas. We believe it is a good        opportunity for the development of China's natural gas industry.
●     Forging ahead, the Company will make efforts on both oil and gas exploration and strengthen gas activities. Meanwhile, leveraging the development        of China gas market, the Company will continue to increase its supply of clean energy, aiming to help improve the environment.
What is CNOOC Limited’s mixed ownership reform plan?
●     The Company has been paying close attention to China's policy of deepening reform.
●     We advocate reforms that are aimed to improve operational efficiency and enhance the vitality of enterprises.
●     The Company will continue to focus on upstream businesses and proactively study relevant schemes.

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