德银-中国-石油与天然气行业（个股-中海油）-中海油2018策略前瞻：恢复增长模式；重申买入评级-20180201-13页

1February2018Oil&GasCNOOC2018StrategyPreviewEnergyOil&GasStrategyUpdateAsiaChinaIndustryCNOOC2018StrategyPreviewDate1February2018DeutscheBankMarketsResearchReturningtogrowthmode;reiteratingBuyonCNOOCandCOSLRevisingupnear-tomid-termvolumetargets,confidentonreserveadditionsWithoilclosinginatUSD70/bbl,CNOOC’smanagementwasmuchmoreupbeatinitsstrategyguidancefor2018thanitwasfor2017.Thecompanysfocushasshiftedbacktogrowthandithasrevisedupitsvolumeguidancefor2018/2019.Followinga3%beatvs.itsFY17volumetarget(469mmBOEvs.targetof450-460mmBOE),FY18andFY19productiontargetswereraisedby3.3%and4.3%,to470-480mmBOEand~485mmBOE,respectively.TherevisedtargetsareinlinewithDB’smorebullishviewonthecompany.CNOOCwasalsoconfidentofachievingRRR>100%in2018withreservelifelikelyreboundingtoc.10.5yearsin2017(8.1yearsin2016)and11.2yearsin2018on