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Contents page Summary and investment case 3 Risk analysis 6 Global oil price outlook 7 Share performance 13 Valuation 15 China oil & gas reserves 29 China E&P comparison 34 Fiscal regime for oil and gas 42 Refined product price reform 44 Petrochemical outlook 49 Company overview by numbers 55 Sensitivity analysis 57 Company pages 59 — CNOOC Ltd........................................................................................................60 — PetroChina.........................................................................................................68 — Sinopec..............................................................................................................78 — China Petroleum and Chemical Corp .................................................................88
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