CNOOC Stock Price, News & Analysis

CNOOC Limited (CEO) announced the successful operation of its Qinhuangdao/Caofeidian onshore power project as of September 22, 2021. This project enhances oil production capacity by integrating energy-efficient infrastructure, using a 200MW power transmission system. It is expected to increase daily oil output by 8,100 barrels, a nearly 20% rise, and contribute significantly to emissions reduction, saving approximately 85,900 tons of standard coal equivalents. Chairman Wang Dongjin emphasized the company's commitment to sustainable development and low-carbon operations.

CNOOC Limited has announced that the Bozhong 26-3 oilfield expansion project has commenced production. Located in the Bohai Sea with an average water depth of 21 meters, it utilizes existing facilities and has established a new unmanned wellhead platform. The project plans to drill 8 wells, aiming for peak production of 2,670 barrels of crude oil per day in 2021. CNOOC holds a 100% interest in this project and serves as the operator.

CNOOC Limited announced the early commencement of production at the Luda 6-2 oilfield in Liaodong Bay, Bohai Sea. The project utilizes existing facilities from the Suizhong 36-1 oilfield and includes a new central platform. A total of 38 wells are planned, with a peak production estimate of approximately 10,000 barrels of crude oil per day anticipated in 2022. CNOOC holds a 100% interest in the oilfield and is the operator.

CNOOC Limited (NYSE: CEO) reported a significant rise in its 2021 interim results, achieving record net oil and gas production of 278.1 million BOE, up 7.9% YoY. Net profit soared to RMB33.33 billion, marking a 221.0% increase. Oil and gas sales revenue reached RMB100.63 billion, up 51.7% YoY. The company declared an interim dividend of HK$0.30 per share. Notable accomplishments include 9 new discoveries and the launch of major projects, enhancing operational efficiency with all-in costs at US$28.98 per BOE, indicating strong competitive advantages despite market challenges.

CNOOC Limited announced that its Liuhua 21-2 oilfield has commenced production ahead of schedule in the eastern South China Sea. The oilfield, located at a depth of 437 meters, is expected to reach peak production of approximately 15,070 barrels per day by 2023. In addition, the field is designed to recover associated gas, reducing methane emissions. CNOOC holds a 100% interest in the oilfield and acts as the operator. This development is part of the Liuhua 16-2 oilfield group, fully established as China's first independent deepwater oilfield group.

CNOOC Limited announced the commencement of production at the Luda 29-1 oilfield in the Liaodong Bay of Bohai Sea. The oilfield, which is 100% owned by the company, is set to utilize existing processing facilities from the adjacent Luda 21-2 and Luda 16-3 oilfields and has constructed a new wellhead platform. The project aims to achieve peak production of approximately 4,440 barrels of crude oil per day in 2021, with a total of 7 development wells planned, including 4 production wells.

CNOOC Limited (SEHK: 00883, NYSE: CEO) announced the commencement of production at the Weizhou 11-2 oilfield phase II project in the Beibu Gulf, South China Sea. This project, featuring a new unmanned wellhead platform, plans to develop 13 wells with peak production expected to reach approximately 6,000 barrels of crude oil per day in 2022. CNOOC holds 100% interest in the project, demonstrating its commitment to enhancing oil production capabilities.

CNOOC Limited announced the commencement of production at the Lingshui 17-2 gas field, the first large-sized independent deepwater gas field in China. Located at a depth of approximately 1,560 meters in the Qiongdongnan Basin, the field has proven geological resources exceeding 100 billion cubic meters of natural gas. The production is expected to peak at 328 million cubic feet of natural gas and 6,751 barrels of condensate per day by 2022, supporting gas supply to the Guangdong-Hong Kong-Hainan area. CNOOC holds a 100% interest in the field.

CNOOC Limited announced on May 6, 2021, the commencement of production at the Liuhua 29-2 gas field, located in the eastern South China Sea, 300 kilometers southeast of Hong Kong. The gas field, with a water depth of approximately 750 meters, will reach a peak production of about 41 million cubic feet of natural gas per day in 2021. CNOOC holds 100% interest in the field and has developed a new subsea wellhead to utilize existing production facilities. This operation enhances CNOOC's strategic positioning in the competitive natural gas market.