Overview Key strengths Key risks Dominant position in China's offshore exploration and production (E&P) segment. Exposure to the cyclical oil and gas industry. Satisfactory reserve life and good prospect of production growth. Global energy transition trend increases long-term substitution and growth risks for the oil and gas industry. Net cash position and strong liquidity.Extremely high likelihood of extraordinary support from China's central government. We assume Brent crude oil prices to moderate to US$85 per barrel in 2023 and further decline to US$55 per barrel in 2024 onwards on an improved global supply-and-demand balance. This compares with our assumption of US$100 per barrel for 2022. Relatively high oil prices, enlarged output, and stringent cost control will help CNOOC generate robust operating
