We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
CNOOC's Weizhou 6-9/6-10 Adjustment Project Comes Online
Read MoreHide Full Article
Chinese offshore giant, China National Offshore Oil Corp. or CNOOC Ltd. (CEO - Free Report) recently commissioned the Weizhou 6-9/6-10 comprehensive adjustment project.
Weizhou 6-9/6-10, which lies in an average water depth of about 35 meters, is an independent oilfield located in Beibu Gulf in the South China Sea. CNOOC holds 100% interest and acts as the operator of the oilfield. The aforesaid adjustment project has constructed one wellhead platform and will also completely utilize the existing facilities of the oilfield.
Currently, there is one producing well that yields about 850 barrels of crude oil per day. The adjustment project is anticipated to touch its ODP designed maximum production capacity of about 3,800 barrels of crude oil per day in 2018.
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 as well as sale of crude oil, natural gas, and other petroleum products.
CNOOC's premium asset portfolio, excellent execution strategy, unique position as a pure oil player and potential transactions in the merger and acquisition space are noteworthy.
CNOOC’s growth will be augmented by significant capital injection for upstream activities over 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. In addition, the firm intends to invest RMB60 billion in 2016 to achieve its targeted growth rate.
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
CNOOC's Weizhou 6-9/6-10 Adjustment Project Comes Online
Chinese offshore giant, China National Offshore Oil Corp. or CNOOC Ltd. (CEO - Free Report) recently commissioned the Weizhou 6-9/6-10 comprehensive adjustment project.
Weizhou 6-9/6-10, which lies in an average water depth of about 35 meters, is an independent oilfield located in Beibu Gulf in the South China Sea. CNOOC holds 100% interest and acts as the operator of the oilfield. The aforesaid adjustment project has constructed one wellhead platform and will also completely utilize the existing facilities of the oilfield.
Currently, there is one producing well that yields about 850 barrels of crude oil per day. The adjustment project is anticipated to touch its ODP designed maximum production capacity of about 3,800 barrels of crude oil per day in 2018.
CNOOC LTD ADR Price
CNOOC LTD ADR Price | CNOOC LTD ADR Quote
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 as well as sale of crude oil, natural gas, and other petroleum products.
CNOOC's premium asset portfolio, excellent execution strategy, unique position as a pure oil player and potential transactions in the merger and acquisition space are noteworthy.
CNOOC’s growth will be augmented by significant capital injection for upstream activities over 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. In addition, the firm intends to invest RMB60 billion in 2016 to achieve its targeted growth rate.
CNOOC currently carries a Zacks Rank #3 (Hold). Some better-ranked players from the energy sector are Matador Resources Company (MTDR - Free Report) , NGL Energy Partners LP (NGL - Free Report) and Enviva Partners L.P. (EVA - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>