"There was talk of CNOOC "the exploration company," which defies the PSC-structure and history. The "new discovery" on deep water Lingshui 17-2 was offered as evidence, although we question the choice of words. CNOOC suggested that it had been exploring deep water for only two years – least we forget the Liwan discovery in August 2006. There was focus on the (mostly acquired) RRR of 327 and 10.8 years of reserve life; peer average FY12 was 12.1-years. There was a comment about focusing on "organic growth" – some of CNOOC’s best assets came from M&A: MEG, OML-130, Lake Albert (maybe). There was a comment about efficiency and reducing costs and we remember earlier comments about perusing off shore China deep water exploration and the endless rise in Capex. Where are we going, gentlemen?"