▲ 883｜Is there a “100-million-ton oil field” within about 300 kilometers of Hong Kong?CNOOC rose as much as 6% in the afternoon and topped out
- CNOOC discovers “100 million ton” Kaiping South Oilfield in South China Sea
- About 300 kilometers away from Shenzhen City
- CNOOC’s stock price has reached its peak again, rising 38% year-to-date
CNOOC （00883）
The stock price has reached its peak again. CNOOC today announced the discovery of the “100-million-ton” Kaiping South Oilfield in deep water in the South China Sea, and told state-run media CCTV that the Kaiping South Oil Field is China’s first deep-water deep-water oil field and the largest oil field independently discovered by China in the deep-water field. The latest oil field discovered by CNOOC is located about 300 kilometers southwest of Shenzhen, which means it is also about 300 kilometers away from Hong Kong.
After opening slightly higher by 1%, CNOOC continued to rise, reaching a high of 18.16 yuan in the afternoon, rising 5.6%. CNOOC closed up 4% at 17.96 yuan, with a transaction volume of nearly 2.7 billion yuan. CNOOC has risen 38% year to date.
▲ CCTV stated that the Kaiping South Oilfield is China’s first deep-water deep-water oil field and the largest oil field independently discovered by China in the deep-water field.
CNOOC stated that the Kaiping South Oilfield is located in the eastern waters of the South China Sea, with an average water depth of about 500 meters. The main oil-bearing formations are the Paleogene Zhuhai Formation, Enping Formation and Wenchang Formation, and the oil properties are light crude oil. The discovery well KP18-1-1d encountered a total of 100.6 meters of oil and gas layers, and the drilling depth was 3,462 meters. After testing, the well produced an average of approximately 7,680 barrels of crude oil and 0.52 million cubic feet of natural gas per day. Through continuous exploration, the proven geological reserves of Kaiping South Oilfield are 102 million tons of oil equivalent.
Zhou Xinhuai, CEO and President of CNOOC, said that CNOOC’s oil and gas exploration discoveries in the eastern waters of the South China Sea have repeatedly reached new highs in recent years, bringing new growth points to the continued increase in offshore oil and gas production.
ET Financial Talk
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Oil stocks 883 | CNOOC: Oil prices are unpredictable. Focus on increasing reserves, production and cost control. The average oil price this year is expected to be about US$78 to US$80.
Oil stocks 883 | CNOOC: This year’s target net production is 700 million to 720 million barrels of oil equivalent, and capital expenditure is expected to be up to 135 billion yuan
Editor: Mai Deming
2024-03-08 08:12:00
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