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11
Investo
r P
resen
tati
on
Jan
uary
2008, H
on
g K
on
g
22
Ag
en
da
11 332
008
CO
SL
Bu
sin
es
s O
utl
oo
k2
008
CO
SL
Bu
sin
es
s O
utl
oo
k
222
00
8
20
08
Ma
cro
Ma
cro
En
vir
on
me
nt
Ou
tlo
ok
En
vir
on
me
nt
Ou
tlo
ok
Re
vie
w o
f 200
7 O
pe
rati
ng
Da
taR
evie
w o
f 200
7 O
pe
rati
ng
Da
ta
33
11R
evie
w o
f 200
7 O
pe
rati
ng
Da
taR
evie
w o
f 200
7 O
pe
rati
ng
Da
ta
44
Dri
llin
g S
erv
ice
s
As
at
31s
t D
ec
20
07
20
06
Ch
an
ge (
%)
Op
era
tin
g D
ay
s (
Da
ys)
5,3
08
4,7
69
11
.3%
Ja
ck-u
p R
igs
4,2
28
3,8
39
10
.1%
Se
mi-
sub
me
rsib
le R
igs
108
09
30
16
.1%
Uti
liz
ati
on
Ra
te (
Av
ail
ab
le D
ays
)1
00
.0%
10
0.0
%0
.0%
Ja
ck-u
p R
igs
100
.0%
10
0.0
%0
.0%
Se
mi-
sub
me
rsib
le R
igs
100
.0%
10
0.0
%0
.0%
Uti
liz
ati
on
Ra
te (
Ca
len
da
r D
ays
)97
.0%
90.0
%7
.0%
Ja
ck-u
p R
igs
96
.5%
91.3
%5
.2%
Se
mi-
sub
me
rsib
le R
igs
98
.6%
84.9
%1
3.7
%
55
We
ll S
erv
ice
s
As a
t 31
st
Dec
20
07
200
6C
han
ge(%
)
Lo
gg
ing
(n
o.
of
job
s)
86
58
37
3.3
%
Dri
llin
g f
luid
s (
no
. o
f w
ell
s)
29
02
91
-0.3
%
Dir
ecti
on
al
Dri
llin
g (
no
. o
f jo
bs)
58
12
42
140
.1%
Cem
en
tin
g (
no
. o
f w
ell
s)
47
43
32
42
.8%
Well
Co
mp
leti
on
(n
o.
of
job
s)
152
71
244
22
.7%
Well
Wo
rko
ve
r (t
eam． ．．．
days
)15
,944
13,3
69
19
%
66
Ma
rin
e S
up
po
rt a
nd
Tra
ns
po
rta
tio
n S
erv
ice
s
As
at
31s
t D
ec
2007
2006
Ch
an
ge
(%
)
Op
era
tin
g D
ays
(D
ays
)24,2
29
23,6
68
2.4
%
Sta
ndby v
essels
13,2
02
13,3
21
-0.9
%
AH
TS
vessels
7,1
72
6,5
54
9.4
%
PS
V v
essels
2,1
45
2,1
13
1.5
%
Util
ity v
essels
1,7
10
1,6
80
1.8
%
Ve
ss
el U
tilizati
on
Rate
(A
vailab
le D
ays
)99.6
%99.1
%0.5
%
Sta
ndby v
essels
99.8
%99.7
%0.1
%
AH
TS
vessels
100.0
%98.8
%1.2
%
PS
V v
essels
99.7
%99.8
%-0
.1%
Util
ity v
essels
96.6
%94.9
%1.7
%
Ve
ss
el U
tilizati
on
Rate
(C
ale
nd
ar
Days
)94.9
%95.1
%-0
.2%
Sta
ndby v
essels
95.2
%96.0
%-0
.8%
AH
TS
vessels
93.9
%93.7
%0.2
%
PS
V v
essels
97.9
%96.5
%1.4
%
Util
ity v
essels
93.7
%92.1
%1.6
%
77
Geo
ph
ysic
al S
erv
ices
As
at
31
st
De
c2
00
72
00
6C
ha
ng
e (
%)
2D
Se
ism
ic D
ata
Da
ta C
oll
ec
tio
n (
km
)3
7,8
10
45
,68
2-1
7.2
%
Da
ta P
roc
es
sin
g (
km
)1
4,1
37
14
,51
22
.6%
3D
Se
ism
ic D
ata
Da
ta C
oll
ec
tio
n (
km
2)
9,6
94
7,3
37
32
.1%
Da
ta P
roc
es
sin
g (
km
2)
5,6
86
4,1
87
35
.8%
88
222
00
8 M
ac
ro E
nvir
on
me
nt
Ou
tlo
ok
20
08 M
ac
ro E
nvir
on
me
nt
Ou
tlo
ok
99
Ov
erv
iew
In 2
00
7,
favo
rab
le g
lob
al
ec
on
om
ic c
on
dit
ion
co
ntr
ibu
ted
to
an
oIn
20
07
, fa
vo
rab
le g
lob
al
ec
on
om
ic c
on
dit
ion
co
ntr
ibu
ted
to
an
on
go
ing
n
go
ing
inc
rea
se
in
oil
de
ma
nd
. S
inc
e t
he
be
gin
nin
g o
f th
e y
ea
r 2
00
8,
oi
inc
rea
se
in
oil
de
ma
nd
. S
inc
e t
he
be
gin
nin
g o
f th
e y
ea
r 2
00
8,
oi l
pri
ce
s
l p
ric
es
ha
s b
ee
n h
itti
ng
new
re
co
rd h
igh
le
ve
ls.
ha
s b
ee
n h
itti
ng
new
re
co
rd h
igh
le
ve
ls.
Th
e s
tea
dy a
nd
ra
pid
gro
wth
of
the
Ch
ina
ec
on
om
y w
ill
bri
ng
str
oT
he
ste
ad
y a
nd
ra
pid
gro
wth
of
the
Ch
ina
ec
on
om
y w
ill
bri
ng
str
on
g
ng
de
ma
nd
fo
r o
il.
Imp
ort
ed
oil
no
w a
cc
ou
nt
for
50
% o
f C
hin
ad
em
an
d f
or
oil
. Im
po
rte
d o
il n
ow
ac
co
un
t fo
r 5
0%
of
Ch
ina
’’ s t
ota
l s
to
tal
de
ma
nd
.d
em
an
d.
CO
SL
CO
SL
’’ ssb
us
ine
ss
de
ve
lop
me
nt
ca
n t
ak
e t
he
ad
va
nta
ge
ke
y t
ren
ds
in
th
e
bu
sin
es
s d
eve
lop
me
nt
ca
n t
ak
e t
he
ad
va
nta
ge
ke
y t
ren
ds
in
th
e
glo
ba
l o
il i
nd
us
try.
glo
ba
l o
il i
nd
us
try.
2 31
1010
Ste
ad
y I
nc
rea
se
in
Cru
de
Oil
De
ma
nd
Chin
aU
.S.A
.O
thersExp
ecte
d
y-o
-yG
row
th
To
tal C
on
su
mp
tio
n
mil
lio
n b
arr
els
/Da
y
Sou
rce：
EIA
Sho
rt-t
erm
En
erg
y O
utloo
k
186
190
163
170
217.5
1232.5
253.5
1
292.0
7299.8
6
322.5
2
350
360
183.6
8180.8
4164.8
3170.2
9170.4
4174.7
3
138.8
4119.0
2117.3
4
83.0
762.2
152.6
8
0
100
200
300
400
2001
2002
2003
2004
2005
2006
2007E
2008E
Do
mest
ic P
rodu
cti
on
Net
Imp
ort
CA
GR：：：：
6.5
%
Sou
rce：
Ch
ina
Pe
tro
leu
m a
nd
Ch
em
ica
l In
dustr
y D
ata
Exp
ress
Wo
rld
Dem
an
d f
or
Cru
de O
ilW
orl
d D
em
an
d f
or
Cru
de O
ilC
hin
a D
em
an
d f
or
Cru
de O
ilC
hin
a D
em
an
d f
or
Cru
de O
il
1111
Inte
rnati
on
al o
il p
rices a
s q
uo
ted
on
th
e N
YM
EX
ho
vere
d b
etw
een
US
$55 a
nd
U
S$70 d
uri
ng
1H
2007, an
d s
tart
ed
to
clim
b t
here
aft
er
to b
reak t
hro
ug
h U
S$100.
Inte
rnati
on
al o
il p
rices a
s q
uo
ted
on
th
e N
YM
EX
ho
vere
d b
etw
een
US
$55 a
nd
U
S$70 d
uri
ng
1H
2007, an
d s
tart
ed
to
clim
b t
here
aft
er
to b
reak t
hro
ug
h U
S$100.
Inte
rnati
on
al
oil p
rices c
on
tin
ues t
o h
it n
ew
hig
hs
1212
Co
al
66
.1%
Hyd
ro,
Nu
cle
ar
an
d
Win
d P
ow
er
8.1
%
Na
tura
l G
as
5.3
%
Oil
20
.5%
Ch
ina
’s E
ne
rgy S
tra
teg
ic S
tru
ctu
ral P
lan
nin
g f
or
the
ne
xt
Fiv
e Y
ea
rs
Targ
et
En
erg
y C
on
su
mp
tio
n B
reakd
ow
n
un
der
th
e E
leven
th F
ive-y
ear
pla
n
Targ
et
En
erg
y C
on
su
mp
tio
n B
reakd
ow
n
un
der
th
e E
leven
th F
ive-y
ear
pla
nC
hin
a’s
En
erg
y C
on
su
mp
tio
n
Bre
akd
ow
n 2
006
Ch
ina’s
En
erg
y C
on
su
mp
tio
n
Bre
akd
ow
n 2
006
Source: China Statistical Yearbook
Oil
sti
ll c
on
sti
tute
s o
ne
of
the
ba
sic
pil
lars
of
the
co
un
try’s
en
erg
y c
on
su
mp
tio
n.
Its
p
rop
ort
ion
wil
l re
ma
in u
nc
ha
ng
ed
at
lea
st
in t
he
ne
xt
5 y
ea
rs.
Oil
sti
ll c
on
sti
tute
s o
ne
of
the
ba
sic
pil
lars
of
the
co
un
try
Oil
sti
ll c
on
sti
tute
s o
ne
of
the
ba
sic
pil
lars
of
the
co
un
try
’’ s e
ne
rgy c
on
su
mp
tio
n.
Its
s
en
erg
y c
on
su
mp
tio
n.
Its
pro
po
rtio
n w
ill
rem
ain
un
ch
an
ge
d a
t le
as
t in
th
e n
ex
t 5
ye
ars
.p
rop
ort
ion
wil
l re
ma
in u
nc
ha
ng
ed
at
lea
st
in t
he
ne
xt
5 y
ea
rs.
Sourc
e：State Devel
opm
ent and R
efo
rm C
om
mis
sio
n
(Energ
y D
evelo
pm
ent 11
thF
ive-Y
ear
Pla
n)
Coal
70%
Hyd
ro,
Nucle
ar
and
Win
d P
ow
er
7%
Natu
ral G
as
3%
Oil
20%
1313
0
20,0
00
40,0
00
60,0
00
80,0
00
100,0
00
120,0
00
140,0
00
2002
2003
2004
2005
2006
2007E
2008E
2009E
2010E
CAPEX
OPEX OPEXOPEXOPEX
Co
nti
nu
ing
In
cre
as
e i
n W
orl
d
Inve
stm
en
ts i
n M
ari
ne
Oil
an
d G
as
Co
nti
nu
ing
In
cre
as
e i
n W
orl
d
Inve
stm
en
ts i
n M
ari
ne
Oil
an
d G
as
Bri
gh
t F
utu
re f
or
Off
sh
ore
Oil a
nd
Gas E
xp
lora
tio
n
World
in
vestm
en
ts in
ma
rine
oil
and
ga
s e
xplo
ratio
n
op
era
tion
s a
re e
xpe
cte
d t
o in
cre
ase
to
US
$1
44
B
pe
r ann
um
on
ave
rage in
the
ne
xt 1
0 y
ea
rs.
Ave
rage
inve
stm
en
ts in
deep
wa
ter
ope
rations w
ill
exc
eed
US
$15
B p
er
ann
um
. D
ee
p w
ate
rs a
nd
ultra
de
ep
wa
ters
will
co
ntin
ue
to
be
ho
t e
xplo
ratio
n s
po
ts
for
wo
rld
oil
and
ga
s.
Inve
stm
en
ts w
ill g
row
fa
ste
r in
West
Afr
ica
, B
razi
l,
Me
xico
Ba
y and
Asia
Pa
cific
re
gio
ns.
Inve
stm
en
ts in
Ma
rine
oil
and
ga
s in
Asia
Pa
cific
in 2
008
will
incre
ase
65%
fro
m t
he le
vels
in 2
002
.
Exp
lora
tion
activi
tie
s a
re s
een
to
kic
k o
ff in
em
erg
ing m
arine
re
gio
ns in
clu
din
g S
ou
thea
st A
sia
.
Sourc
e: E
nerg
yfile
sLtd
.S
ourc
e: O
il.IN
-EN
.com
1414
840
1,0
50
1,2
35
1,6
79
35
40
45
45
23
33
29
600
1,0
00
1,4
00
1,8
00
2,2
00
2003
2004
2005
2006
2007E
2008E
Pro
du
cti
on
We
llG
as
an
d O
ilfi
eld
So
urc
e:
CN
OO
C L
imit
ed
CO
SL
receiv
es
be
nefi
ts f
rom
dif
fere
nt
sta
ges
in
clu
din
g e
xp
lora
tio
n, d
ev
elo
pm
en
t an
d p
rod
uc
tio
n
CO
SL
receiv
es
be
nefi
ts f
rom
dif
fere
nt
sta
ges
in
clu
din
g e
xp
lora
tio
n, d
ev
elo
pm
en
t an
d p
rod
uc
tio
n
Ch
ina’s
off
sh
ore
op
era
tio
ns
at
full
cap
acit
y
Ch
ina’s
off
sh
ore
op
era
tio
ns
at
full
cap
acit
y
20
03
20
04
20
05
20
06
20
07
E0
50
100
150
200
250
300
350
2006
2007E
2008E
2009E
2010E
RM
B b
Petr
oC
hin
aS
inopec
CN
OO
C
So
urc
e:
CL
SA
sta
tis
tics
Exp
lora
tio
n C
AP
EX
in
Ch
ina
Exp
lora
tio
n C
AP
EX
in
Ch
ina
Bri
gh
t F
utu
re f
or
Off
sh
ore
Oil a
nd
Gas
Ex
plo
rati
on
in
Ch
ina 2
00
8E
1515
Tre
nd
in
Wo
rld
Oil D
istr
ibu
tio
n a
nd
Dev
elo
pm
en
t
Wo
rld
Oil
Re
so
urc
es
are
lo
ca
ted
as
66
% o
ns
ho
re a
nd
34
% o
ffs
ho
re
Mo
st
of
the
oil
re
so
urc
es
are
lo
ca
ted
in
a f
ew
co
un
trie
s.
Re
se
rve
s i
n
the
Mid
dle
Ea
st,
fo
rme
r R
us
sia
co
mp
ris
e 8
0%
of
the
wo
rld
’s t
ota
l.
Sta
te-o
wn
ed
oil
co
mp
an
ies
ha
ve
an
in
cre
as
ing
sa
y
Tre
nd
in
Wo
rld
Oilfi
eld
Dis
trib
uti
on
an
d D
evelo
pm
en
tT
ren
d i
n W
orl
d O
ilfi
eld
Dis
trib
uti
on
an
d D
evelo
pm
en
tT
ren
d i
n W
orl
d O
ilfi
eld
Dis
trib
uti
on
an
d D
evelo
pm
en
t
New
te
ch
no
log
ies
pla
y a
dis
tin
cti
ve
ro
le i
n o
il i
nd
us
trie
s
Inc
rea
sin
gly
fre
qu
en
t M
&A
of
oil
an
d g
as
as
se
ts a
cro
ss
th
e w
orl
d
Ex
plo
rati
on
ac
tivit
ies
ex
ten
d i
nto
de
ep
wa
ters
an
d r
eg
ion
s
of
rem
ote
ac
ce
ss
ibil
ity a
nd
co
mp
lic
ate
d l
an
ds
ca
pe
1616
Tre
nd
in
Wo
rld
Oil D
istr
ibu
tio
n a
nd
Dev
elo
pm
en
t (c
on
t’d
)
1717
20
08
20
08年 年年年年 年年年
CO
SL
CO
SL发
展展
望发
展展
望发
展展
望发
展展
望发
展展
望发
展展
望发
展展
望发
展展
望
二 二二二二 二二二2
00
8
20
08
CO
SL
C
OS
L B
us
ine
ss O
utl
oo
kB
us
ine
ss O
utl
oo
k33
1818
CO
SL
CO
SL
’’ ssIn
vestm
en
t H
igh
lig
hts
Investm
en
t H
igh
lig
hts
Un
para
llele
d c
om
peti
tive e
dg
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CO
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ate
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)
3434
Clic
k t
o e
dit
tit
le s
tyle
Th
an
k Y
ou
!
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