China's dominant offshore oil & gas producer spanning Bohai Bay (largest offshore oil base), South China Sea deepwater (Deep Sea No.1 gas) and the East China Sea, with strong organic reserve growth; plus a material overseas portfolio including ~25% of Guyana's Stabroek block, Brazil pre-salt, Nigeria, Uganda, US Gulf of Mexico, Canada and Iraq.
State-controlled (~64% CNOOC Group), very low-cost (~$28-30/boe), high ROACE, a net-cash balance sheet and an attractive ~7% dividend yield. Flags: state control, US investment restrictions, and heavy offshore-China concentration.
Its EV/EBITDA of 3.2x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 9.3% is higher than the 6.5% median, and at $15.11/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, CNOOC scores 69/100, strongest on valuation (72/100). Sub-scores: value 72, quality 71, growth 62, risk 37 (higher = riskier).
CNOOC holds approximately 7.77 billion boe of proved (1P) reserves with FY2025 production of about 2,130 thousand boe/d (77% liquids), a reserve life of roughly 10.0 years. Break-even: ~$30/bbl (all-in cost / breakeven) — CNOOC has a low all-in cost (~$28-30/boe) and strong FCF; among the most profitable NOCs on ROACE (~19%).
For CNOOC, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| China (offshore) | 68% | 43 | State control, NOC dominance, limited foreign upstream access. |
| Other overseas | 16% | 50 | diversified/unspecified exposure — universe-average proxy |
| Guyana | 10% | 60 | World-class offshore; Venezuela Essequibo claim, capacity risk. |
| Brazil | 6% | 61 | Complex tax/local-content rules; Petrobras policy swings, strong pre-salt. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Bohai Bay | China | Offshore oil | Core producing region, China's largest offshore oil base |
| South China Sea (Deep Sea No.1) | China | Offshore gas | Deepwater gas incl Lingshui 17-2 |
| Stabroek Block | Guyana | Deepwater oil | ~25% interest, ExxonMobil-operated multi-bnboe |
| Buzios/Mero (pre-salt) | Brazil | Deepwater oil | Consortium stakes in Santos pre-salt |
| Bozhong / Kenli | China | Offshore oil | Recent large Bohai discoveries/developments |
| OML/Nigeria | Nigeria | Offshore oil | Overseas producing assets |
| Long Lake/Canada | Canada | Oil sands | Legacy Nexen oil sands |
| US Gulf of Mexico | United States | Deepwater oil | Appomattox etc. (subject to US restrictions) |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 1570 | 1710 | 1858 | 1990 | 2130 |
| Proved reserves (bnboe) | 5.70 | 6.20 | 6.80 | 7.30 | 7.77 |
| Revenue ($bn) | 38.0 | 62.0 | 59.0 | 58.0 | 59.4 |
| EBITDA ($bn) | 26.0 | 42.0 | 40.0 | 42.0 | 36.2 |
| Net income ($bn) | 11.0 | 21.0 | 17.5 | 19.0 | 17.1 |
| Free cash flow ($bn) | 10.0 | 18.0 | 12.0 | 13.0 | 13.6 |
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✓ FY2025 figures verified against primary sources:
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