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CNOOC (CEO) Brings Online the Egina Field Offshore Nigeria

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CNOOC Limited (CEO - Free Report) has brought online the Egina Field, located in deepwater offshore Nigeria.

Situated in water depth of about 1600 meters, the Egina Field is 150 kilometers off the coast of Nigeria. A Floating Production Storage and Offloading (FPSO) unit and a Subsea Production System is part of the field development. The project is anticipated to reach peak capacity of about 200,000 barrels of crude oil per day in 2019.

Initially discovered in 2003, the Oil Mining Lease (OML) 130 has two developments in production. The Akpo field started production in 2009 and the Egina field marks the second development in production.

A wholly-owned subsidiary of CNOOC Limited, CNOOC E&P Nigeria Limited, holds 45% interest in the OML 130 block, in partnership with the Nigerian National Petroleum Corporation (NNPC). TOTAL SA (TOT - Free Report) , the operator, holds 24% in the block. The other partners include Petrobras Oil and Gas BV as well as South Atlantic Petroleum-SAPETRO holding interest of 16% and 15%, respectively.

CNOOC is one of the three leading oil companies in China as well as 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 as well as natural gas and engages in the exploration, development, production and sale of crude oil, natural gas and other petroleum products.

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 Ltd. is also one of the largest offshore crude oil producers in Indonesia and has upstream assets in Africa and Australia. The company has a portfolio of shared assets in Indonesia.

Zacks Rank & Key Picks

Currently, CNOOC carries a Zacks Rank #4 (Sell).

A few better-ranked players in the energy space are SunCoke Energy, Inc (SXC - Free Report) and Unit Corporation (UNT - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

SunCoke acquires, owns and operates coke making as well as coal mining operations. The company delivered average positive earnings surprise of 302.6% in the last four quarters.

Unit Corp is a diversified energy company. The company has an average positive surprise of 21.2% in the last four quarters.

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