CNOOC Ltd.’s CEO Bozhong 28/34 oilfields comprehensive adjustment project started production and yielded its first oil.
Located in Bohai, the Bozhong 28/34 oilfields lie in an average water depth of about 22 meters. The project comprises of three sub-projects – Bozhong 28-2S oilfields comprehensive adjustment project, Bozhong 34-1 oilfield comprehensive adjustment project and Bozhong 34-2/4 oilfield comprehensive adjustment project.
Six offshore platforms and 79 producing wells form the main production facilities of the project. Presently, 39 wells are engaged in the production of about 22,000 barrels of crude oil per day. The adjustment project is anticipated to reach its ODP-designed maximum production capacity of about 30,000 barrels of crude oil per day in 2016.
CNOOC is the operator of the independent oilfield – Bozhong 28/34 – with a holding of 100%.
CNOOC is one of the three leading oil companies in China and one of the 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.
The company’s growth will be augmented by significant capital injection for upstream activities in the next five years. The company believes that it will be able to maintain a 6–10% compound annual production growth rate over the next five years on the back of various organic and inorganic measures. The company also intends to invest RMB70–RMB80 billion in 2015 to achieve its targeted growth rate.
CNOOC currently carries a Zacks Rank #3 (Hold). Other favorably-priced stocks from the same space are Transmontaigne Partners L.P. TLP, EQT Midstream Partners L.P. EQM and LRR Energy, L.P. LRE. Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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