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00883 CNOOC
RTNominal up19.920 +0.920 (+4.842%)
Research Report

14/01/2020 17:48

CCBI lifts CNOOC (00883) to HK$16.5; "outperform"

[ET Net News Agency, 14 January 2020] CCB International Securities raised its target
price for CNOOC (00883) to HK$16.5 from HK$16.3 and maintained its "outperform" rating.
The research house noted that CNOOC revised up its 2020/2021 production target by 3%/3%
to 520-530m/~555m boe. While production growth should slow slightly from 5.9% in 2019 to
4.5% in 2020 on a high base, CCBI believes CNOOC 's medium-term growth outlook remains
intact, with production growth to accelerate to 5.7% in 2021/6.3% in 2022, underpinned by
a rich project pipeline.
CCBI believes CNOOC's strong execution of cost control and efficiency enhancements will
allow it to achieve flat all-in-cost for 2020 (US$29/bbl in 1H 2019) and remain very
competitive on the global stage. (KL)

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