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Telegram Group: The InvestQuestWhatsapp Broadcast: Just send “Hello IQ” to +65 8840 2520Facebook Group: The InvestQuest | Facebook 1) Oil price outlook for 2021 is favourable 2) Oil Majors: Which has the optimal production mix and lowest production cost? 3) CNOOC earnings expected to recover to pre-Covid levels by 2023 4) CNOOC is very cheap: 8% dividend yield & 2.6x EV/EBITDA 5) Analysts ratings and target prices 6) Implication of the US blacklist

On a sector level, Energy stocks performed worst in 2020, as oil demand fell dramatically due to lockdowns.

We expect a reversal in the fortunes for some of the laggard Energy stocks in 2021, with the progressive roll out of Covid-19 vaccines and global coordination in controlling oil production volumes.

We have a favourable view on CNOOC (883 HK), a China oil major. Operationally, the company is one

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