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