Abstract: During the 12^th Five-Year Plan, CNOOC International Ltd. (“CNOOC”) achieved good results of overseas exploration through optimization of exploration targets sorting and combination after quantification of risks and potentials, with the guide of “strategy-driven and benefit-priority” philosophy. During the five years, CNOOC had stably-growing equity recoverable reserves overseas, with about 600×10⁶ bbl oil equivalent (boe) contributed by five large-scale-reserve zones in Sahara of North Africa, both sides of South Atlantic, the East African rift, Southeast Asia, and lithologic zones in West Africa. During the 13^th Five-Year Plan, when the international oil prices will remain at low level, CNOOC will continue to deepen the management system construction for overseas exploration projects. Strategically focusing on the countries with blocks discovered, CNOOC will make more efforts to obtain new projects and enhance regional exploration, so as to make more breakthroughs.

Key words: CNOOC, overseas exploration, exploration discovery, the 12^th Five-Year Plan, the 13^th Five-Year Plan