We now assess CNOOC Ltd.'s liquidity as 'strong' based on its ample liquidity buffer to meet its debt obligation and other liquidity uses in the next 24 months. On Sept. 17, 2019, S&P Global Ratings affirmed the 'A+' long-term issuer credit rating on CNOOC Ltd. and the issue rating on its outstanding debt. The stable outlook reflects the outlook on the sovereign credit rating on China. It also reflects our expectation that CNOOC Ltd. will maintain its dominant position in China's offshore oil and gas exploration and production (E&P) industry. We affirmed the rating on CNOOC Ltd. because we believe the company will maintain both its dominant market position in China's offshore E&P industry and modest leverage over the next
