[ET Net News Agency, 23 November 2020] Goldman Sachs initiated coverage on CNOOC
(00883) with a "buy" rating and a target price of HK$12.
The research house said CNOOC is a sizable and low-cost E&P whose cash flow is set to
benefit from higher oil prices and accelerating production growth in 2021 and beyond.
Goldman believes that structural under-investment and demand recovery will drive oil
prices higher, with Brent expected to rally above US$60/bbl by the end of 2021.
It said CNOOC's upstream assets are typically low cost and competitive amongst global
peers, which stand out from the other Chinese oil majors. Looking ahead, CNOOC's
production expansion will be mostly driven by projects in offshore China (with breakeven
estimated at US$20-35/bbl) and Guyana (with breakeven at US$35/bbl), both of which are at
the lower end of the global top projects cost curve. (KL)
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00883 CNOOC
Nominal 
19.000 +0.280 (+1.496%) Research Report
23/11/2020 11:54
{I-bank focus}Goldman starts CNOOC (00883) at "buy" & HK$12
| Remark: | Real time quote last updated: 25/04/2024 18:00 |
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