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CNOOC (CEO) Begins Production at Jinzhou 25-1 Oilfield
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CNOOC Limited (CEO - Free Report) announced that the Jinzhou 25-1 Oilfield 6/11 has started production offshore China. The oilfield is based in central Liaodong Bay, Bohai at a water depth of 22.5 meters, on average.
Apart from making the most of the existing facilities in the Jinzhou 25-1 and Jinzhou 25-1S oilfields, the project developed one eight-legged wellhead platform. Further, CNOOC has plans to develop 19 production wells and 10 water injection wells at the site.
This China-based state-owned offshore oil and gas company expects the project to reach its peak output capacity of 16,500 barrels of crude oil per day in 2023. The Jinzhou 25-1 Oilfield is fully owned by CNOOC.
Earlier in September, CNOOC announced that the Liuhua 16-2 oilfield/ Liuhua 20-2 oilfield joint development project started production off the coast of China. The oilfields are located in the eastern South China Sea.
For first-half 2020, the company’s production in China was recorded at 173.9 million Boe. During this period, its overseas production was 83.9 million Boe. Notably, the coronavirus pandemic had a significant impact on the company’s profits in first-half 2020. Net profit for the first six months was recorded at RMB 10,383 million, down 65.7% from the comparable period in 2019. To navigate the ongoing market uncertainty, the company lowered its capital budget and production guidance for the year at April-end.
Company Profile
CNOOC is one of the three oil companies in China — the other two being Sinopec (SNP) and PetroChina — and one of the largest independent oil and gas exploration and production players of the world. It engages primarily in the exploration, development and production of crude oil and natural gas near the shores of China. CNOOC is the only entity permitted to conduct exploration and production activities with international oil and gas companies offshore China.
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.
These 7 were selected because of their superior potential for immediate breakout.
Image: Bigstock
CNOOC (CEO) Begins Production at Jinzhou 25-1 Oilfield
CNOOC Limited (CEO - Free Report) announced that the Jinzhou 25-1 Oilfield 6/11 has started production offshore China. The oilfield is based in central Liaodong Bay, Bohai at a water depth of 22.5 meters, on average.
Apart from making the most of the existing facilities in the Jinzhou 25-1 and Jinzhou 25-1S oilfields, the project developed one eight-legged wellhead platform. Further, CNOOC has plans to develop 19 production wells and 10 water injection wells at the site.
This China-based state-owned offshore oil and gas company expects the project to reach its peak output capacity of 16,500 barrels of crude oil per day in 2023. The Jinzhou 25-1 Oilfield is fully owned by CNOOC.
Earlier in September, CNOOC announced that the Liuhua 16-2 oilfield/ Liuhua 20-2 oilfield joint development project started production off the coast of China. The oilfields are located in the eastern South China Sea.
For first-half 2020, the company’s production in China was recorded at 173.9 million Boe. During this period, its overseas production was 83.9 million Boe. Notably, the coronavirus pandemic had a significant impact on the company’s profits in first-half 2020. Net profit for the first six months was recorded at RMB 10,383 million, down 65.7% from the comparable period in 2019. To navigate the ongoing market uncertainty, the company lowered its capital budget and production guidance for the year at April-end.
Company Profile
CNOOC is one of the three oil companies in China — the other two being Sinopec (SNP) and PetroChina — and one of the largest independent oil and gas exploration and production players of the world. It engages primarily in the exploration, development and production of crude oil and natural gas near the shores of China. CNOOC is the only entity permitted to conduct exploration and production activities with international oil and gas companies offshore China.
Zacks Rank & Other Key Picks
CNOOC currently carries a Zacks Rank #2 (Buy). Other top-ranked players in the energy space include Murphy USA Inc. (MUSA - Free Report) and SilverBow Resources Inc. (SBOW - Free Report) , each presently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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