CNOOC Oil Project Comes Online - Analyst Blog
23 Aprile 2013 - 3:40PM
Zacks
China National Offshore Oil Company
(CNOOC), parent company of China’s largest offshore oil producer,
CNOOC Ltd. (CEO) announced that its Weizhou 6-12
oil field has commenced production. The oilfiled is located in
Beibu Gulf Basin of the South China Sea.
Situated in an average water depth
of about 29.2 meters, the Weizhou 6-12 oil field has 10 producing
wells and is expected to hit peak production this year itself. The
company holds a 51% interest and acts as the Operator of Weizhou
6-12 oil field. The partners of this field are privately owned
companies Roc Oil Company Limited, Horizon Oil Limited and Oil
Australia Pty Ltd.
CNOOC is one
of largest independent oil and gas
exploration and production companies
of the world. It is China’s dominant
producer of offshore crude oil and natural gas and engages in the
exploration, development, production, and sale of
crude oil, natural gas, and
other petroleum products. CNOOC is also the only
company permitted to conduct exploration and production activities
with international oil and gas companies off the shores of
China.
Going forward, the Chinese company
believes that it will be able to maintain a 6–10% compound annual
production growth rate over the next five years backed by various
organic and inorganic activities.
The company’s premium assets
portfolio, excellent execution strategy, unique position as a pure
oil player and potential transactions in the merger and acquisition
space are its key growth drivers.
In recent times, CNOOC has made
significant progress in its project agenda. The recently
commissioned successful oil fields include the Panyu 4-2/5-1
oilfield adjustment project, the Panyu 4-2/5-1 oilfield project,
Weizhou 11-2 and Weizhou 6-9/6-10 − in two different plays in
China. These projects bear evidence to its constant efforts to
upgrade its portfolio and enhance shareholder value.
CNOOC carries a Zacks Rank #3,
which is equivalent to a short-term Hold rating. However, there are
other stocks in the oil and gas sector – EPL Oil & Gas,
Inc. (EPL), Stone Energy Corp. (SGY) and
Quicksilver Resources Inc. (KWK) – which hold a
Zacks Rank #1 (Strong Buy) and are expected to perform better.
CNOOC LTD ADR (CEO): Free Stock Analysis Report
EPL OIL&GAS INC (EPL): Free Stock Analysis Report
QUICKSILVER RES (KWK): Free Stock Analysis Report
STONE ENERGY CP (SGY): Free Stock Analysis Report
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