Industry Outlook. Company Outlook
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- Rolf Dennis
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1 Feb 2018
2 Disclaimer The information contained in this presentation is intended solely for your personal reference. In addition, such information contains projections and forward-looking statements that reflect the Company s current views with respect to future events and financial performance. These views are based on assumptions subject to various risks. No assurance can be given that future events will occur, that projections will be achieved, or that the Company s assumptions are correct. Actual results may differ materially from those projected. Past track record cannot be used as guidance for future performances. 2
3 Industry Outlook Company Outlook
4 Expectation on the Trend of Oil Price Relative oil supply and demand balance will experience further tightening International agencies predict moderate increase in oil prices from 2018 onwards Differentiated S & D for crude oil worldwide Moderate increase in oil prices from 2018 onwards 全球钻井平台使用率 Source:IEA, BofA Merrill Lynch Global Research estimates Source:IHS Report 4
5 Yr Average RRR Global Oil and Gas Reserves Forecast Oil and gas reserve discoveries in 2017 were the lowest since 2012 RRR hit historical low after consecutive years of decline Reserve discoveries in 2017 were the Lowest RRR hit historical low 400% 全球钻井平台使用率 350% 300% 250% 200% 150% 100% 50% 0% -50% Oil RRR ratio Reserves include gas condensate and natural gas liquids (NGLs) as well as crude oil. Source:Rystad Energy UCube and Rystad Energy research and analysis Source:BP 2017 energy Statics review 5
6 Operational Environment CAPEX growth of oil and gas companies, especially on the onshore and deep-water CNOOC's Capex in 2018 has climbed 40% ~ 60% than 2017E COSL's Domestic and overseas workload will grow at different rates expectedly CAPEX forecast for global upstream oil and gas companies CNOOC CAPEX Plan Unit:USD billion Onshore Business Deep-water Unit : RMB billion A 2017E 2018B Exploration Development Production Others Source:IHS Report Source:CNOOC Limited 6
7 Industry Outlook Company Outlook
8 Industry Consolidation Oilfield service industry is restructuring while few companies filed for bankruptcy Period: ; Source:Haynes And Boone and related news report 8
9 Medium Development Plan Loss to Profit /50 Domestic International Technology Equipment 2017 Domestic market: Focus on new workload and requirements International Market: further strengthen the overseas regional management and scale Maintaining cost competitiveness: through reducing management cost, strengthening technology and optimizing assets Implement service upgrade: Provide with comprehensive solution plan Medium-term targets COSL will leverage on the synergies and cost advantages; Adhere to prudent financial policies; Realize the goal of 50/50 mix. 9
10 Expand 'Belt and Road' market opportunities Hold high the development strategy of 'Belt and Road' Initiative and increase the revenue share in the region. Revenue from the 'Belt and Road' region has grown by 10% in 2016 and will keep increasing as the Company goes internationalized. Expand the overseas markets with the opportunities arising from BRICS. By 2020, the company will endeavor for a breakthrough in Africa markets and continually expand the Far East. 10
11 Undertake CNOOC s Projects Step-up Expansion on CNOOC s Domestic and Overseas Projects Target at new project assignments Reconstruct aging oilfields, improve oil recovery Utilized 'Reservoir Revitalization' technology Adopted Thermal Recovery Technology to Nanbao 35-2 Oilfield Enlisted Xijiang 23 segment on 'Integrated project for water shut-off treatment' Enrich oilfield related services in China s offshore market Offshore wind power exploration New energy deep-water exploration business CNOOC Overseas New Projects Buzzard Missan Long Lake Libra oil field Liza oil field Phase I Egina oil field Liza oil field Phase II Appomattox oil field LLSW project Tangguh Phase II Buzzard oil field Phase II Kingfisher oil field Tilenga oil field Egina Uganda Appomattox Stabroek Libra 11
12 Scale Effect of Overseas Markets Note:Closely followed overseas projects from CNOOC COSL Superior acquired drilling contract Onshore drilling integrated service Integration and Stimulation projects Logging contract Acquired drilling, technology segment framework agreement The Far East Europe The Americas The Middle East Southeast Asia Canadian Nexen Logging Integrated Contract COSL Confidence Acquired Drilling Contract COSL Pioneer acquired Nexen Drilling Contract COSL Innovator acquired Lundin Drilling Contract COSL Promoter executed Statoil drilling contract Africa wells contracts Drilling, Casting and Cementing integrated contract Drilling Contract NH9 acquired Drilling Contract HYSY937 acquired Drilling Contract TCP, DST and Logging Integrated Contract Logging, cementing and directional 12
13 2018 Selected Key Overseas Markets Acquired CNOOC Missan integrated project D+W facility launched into Iraq Acquired customer logging contract The Middle East Acquired customer well workover and cementing contract Europe COSL Promoter executed Statoil drilling contract COSL Pioneer acquired Nexen drilling contract COSL Innovator acquired Lundin drilling contract 13
14 Transformation of Customers' Needs Lead the Demand High-end Needs General Needs Collaboratively developed the "heavy oil, low permeability" oil field High temperature/deep water Provide customers with a Drilling, completion and workover Logging, directional wells Drilling and completion fluids, cementing Environmental requirements Complex formation Mature oilfield management basket of oilfield exploration programs: Framework for management of Disposable Oil Field Integrated technical service model based on geological reservoir Oilfield stimulation and other services 14
15 Technical Guarantee Under New Trend Target: Create High-tech Products, Cultivate High-tech Value Drilling waste management technology to meet the new environmental regulations Rotary coring equipment enables indepth tapping for potential reservoir information Gas hydrate drilling and sampling technology drills into the field of combustible ice Technical Breakthroughs Boosted Capacity Large-scale applications of 'D + W' system Application of high-end logging technology at international advanced standard Strengthen serialization of standard completion tools, matching international counterparts on the market competitiveness Engaging steady investment expenditure in R&D Implementations Reinforced incentives for industrialization ushers in technology boom North America United Laboratory speeds up innovation progress 15
16 Cost Competitiveness Maintain Competitive Cost Reduce Management Cost Strengthen Technology Optimize Assets Reform Procurement Process Innovative Management; Incentive-oriented Policies Reduce Age Effect of Serialization Strengthen Technology Capability Boost Capabilities of Equipment Operation and Maintenance Optimize Asset Structure Global Supply Chain Refine global integrated model Geophysical Incentives Target for incremental growth in profit-making North America United Laboratory Interconnection and Cooperation Implement logging while drilling highspeed Step-up Self Maintenance Reduce maintenance costs Disposal of 4 chemical boats Transformed BH8 into supporting platform Disposal of 701/702 vessels Through reform and innovation on management mode, optimize facility management, speed up the serialization and industrialization of technology products, improve core competitiveness 16
17 Prudent Financial Policy Capital and Interest Repayment Companies Middy's S&P Fitch 4 majors oil companies Schlumberger A1 (Stable) AA-(Stable) - Halliburton Baa1(Stable) BBB+(Stable) - Baker Hughes Baa1(Stable) B-(Stable) - Weatherford B3(Neg.) B(Neg.) CCC COSL Baa1(Neg.) BBB(Stable) A(Stable) Capital Expenditure Diamond Ba3(Neg.) B+(Neg.) - Ensco B2(Neg.) B+(Neg.) - 6.7b b ~2.5b Unit: RMB ~2.5b offshore drilling Noble B3(N.A.) B(Neg.) BBB-(Stable) Rowan B2(Neg.) B+(Neg.) - Transocean B2(Neg.) B(Neg.) B+(Neg.) Remarks: long-term unamortized expenses excluded 2018E Seadrill Caa2(Stable) CCC+(Neg.) - Source:Bloomberg and rating reports 17
18 Rig Operation Status(As of 22 Jan 2018) Operation location Drilling Rig 19 Jack-ups 1 Jack-up(HYSY943) 2018 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Full-year contract coverage Domestic 1 Jack-up(HYSY924) 2 Semi-subs(NH2/NH5) 1 Semi-sub(NH6) Full-year contract coverage - 1 Semi-sub(NH7) 1 Semi-sub(HYSY981) 2 Jack-ups(Superior/Craft) 1 Jack-up(HYSY937) 1 Jack-up(Strike) International 1 Jack-up(Seeker) 1 Jack-up(Confidence) 1 Semi-sub(Promoter) 1 Semi-sub(Innovator) Full-year contract coverage 1 Semi-sub(Pioneer) 1 Semi-sub(NH8) 1 Semi-sub(NH9) Jack-up Semi-sub Remark:1 Semi-sub(Prospector)and 5 Jack-ups(Force/HYSY936/Boss/Power/Hunter)are in bidding or negotiation processes, respective contracts have yet to be concluded. 18
19 Core Competitiveness Enhanced Industrial Market Share New Operation Model Optimize growth dimensions Restructure Asset structure Leading in Prudent cost management Implement differentiated and diversified development New Emerging Markets Domestic + International Focus on domestic market + expand global footprint Offshore + Onshore Expansion of the offshore market + seizing for onshore business opportunities Traditional Needs + Elevated Service New Competitive Framework Massive investment expenditure on oil and gas industry Slow recovery at industry level 19
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