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China National Offshore Oil Corp. or CNOOC Ltd. (CEO - Analyst Report) has taken the delivery of a floating production, storage and offloading (FPSO) vessel from Dailjan Shipbuilding Industry Corp. Notably, the FPSO arrived two months before the scheduled 18 months.

Per the company, the vessel is likely to reach the Enping 24-2 oil field in Eastern South China Sea later in Aug 2014. Hai Yang Shi You 118, the FPSO, has a daily processing capacity of 56,000 barrels of crude oil. The FPSO is designed to function for 15 years without drydocking.

Having an operational life of 30 years, the floating production facility, is 743 feet (226.64 meters) in length and 165 feet (50.5 meters) in height. It is equipped to operate in a water depth of 32 feet to 984 feet (10 meters and 300 meters).

At present, CNOOC is continuing with development work to organize the Enping 24-2 oil field for first production scheduled for late 2014.

CNOOC is one of the three leading oil companies in China and one of the major 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 the only company permitted to conduct exploration and production activities with international oil and gas companies off the shores of China.

The company’s oil and gas properties are located in four major production areas in offshore China: Bohai Bay, western South China Sea, eastern South China Sea, and the East China Sea. CNOOC is also one of the major offshore crude oil producers in Indonesia and has upstream assets in Africa and Australia.

Currently, CNOOC carries a Zacks Rank #2 (Buy). Other stocks that warrant a look in the oil and gas sector include Weatherford International plc (WFT - Analyst Report), Sanchez Energy Corporation (SN - Snapshot Report) and Sunoco Logistics Partners L.P (SXL - Analyst Report). All of these sport a Zacks Rank #1 (Strong Buy) and are expected to perform better.

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