Our FVE for CNOOC Is Unchanged; Near-Term Oil Price Forecasts Adjusted Following OPEC's Cut
Our fair value estimate for CNOOC remains at HKD 9.40 per share (USD 121 per ADR) following changes to our near-term oil price forecasts that are offset by a stronger U.S. dollar against the renminbi. With OPEC’s output cut expected to increase oil prices more quickly than we anticipated, but with shale oil producers likely to respond by raising supply, we now see Brent rising to USD 61 per barrel in 2017 but falling back to USD 48 in 2018. We had originally expected oil prices to rise through 2...Cnooc is an investment holding company. Through its subsidiaries, Co. is principally engaged in the exploration, development, production and sale of crude oil, natural gas and other petroleum products in offsore of the People's Republic of China. Co.'s core operation areas are Bohai, Western South China Sea, Eastern South China Sea and East China Sea in offshore China. Co. has oil and gas assets in Asia, Africa, North America, South America, Oceania and Europe. As of Dec 31 2016, net proved reserves for oil, gas, and synthetic oil were 2,015.4 million barrels, 7,486.1 billion cubic feet, and 7,486.1 million barrels, respectively.
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