Flat 2012E Production Volume, but Encouraging Volume Growth Thereafter
CNOOC held its 2012 strategy preview on January 18, guiding a ¡V0.3% to 2.7% production growth rate in 2012 and a 6-10% CAGR from 2011e-2015e. 2012 production target is set at 330-340 mmboe; however, we believe it dep