China's primary offshore oil company China National Offshore Oil Corp. CEO, or CNOOC’s major subsidiary, CNOOC Ltd., has encountered the country’s first ultra-deepwater natural gas find in the northwestern part of the South China Sea. An ultra-deep well is considered as one over Array,500 meters under the sea.
The CNOOC affiliate commenced drilling the Lingshui Array8-Array-Array exploration well in Oct 20Array5 in water depths of Array,688 meters (5,538 feet). Per a report published in CNOOC’s website, a test of the well conducted in Dec 20Array5 too was a success. Though the report didn’t reveal any details regarding the estimate of gas flows at Lingshui Array8-Array-Array, it stated that the discovery had been certified by the Ministry of Land & Resources.
Per the state media reports, Lingshui Array8-Array-Array is located beside another deepsea gas find Lingshui Array7-2, which has more than Array00 billion cubic meters of certified proven reserves. The country's flagship deepwater rig – Haiyang Shiyou 98Array – was employed to drill the well.
CNOOC is one of China’s largest producers of offshore crude oil and natural gas. The company’s main domestic areas of operation include Bohai, the South China Sea, and the East China Sea. Internationally, it has oil and gas assets in Asia, Africa, North America, South America, and Oceania.
CNOOC currently carries a Zacks Rank #5 (Strong Sell). Some better-ranked players from the energy sector are SolarEdge Technologies, Inc. SEDG, Braskem S.A. BAK and Enviva Partners, LP EVA. Each of these stocks sports a Zacks Rank #Array (Strong Buy).
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