CNOOC Maintains Dominance Offshore

CNOOC, Ltd. (CEO - Analyst Report) is one of the three oil companies in China and one of the largest independent oil and gas exploration and production companies of the world. It is China's dominant producer of offshore crude oil and natural gas.

We are maintaining our Buy recommendation on CNOOC ADRs following the company's strong first half 2008 operational results. Net income surged 89%, driven by higher oil prices and volume growth. Volumes were up 8.3% in the first half of the year, with full-year growth expected to exceed that level.

The company's capital budget this year is essentially flat from the year-earlier level. Our continued favorable view of CNOOC, Ltd. ADRs reflects the company's positive production-growth profile, exclusivity in the offshore China region, and LNG investments.

Read the full analyst report on CEO

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