Core Viewpoint - Hong Kong oil stocks collectively declined, with significant drops observed in major companies ahead of the upcoming OPEC+ meeting, where an increase in production targets is anticipated [1] Group 1: Stock Performance - CNOOC Services (02883) fell by 3.27% to 6.800 - Yanchang Petroleum (00346) decreased by 2.33% to 0.420 - Sinopec (00386) dropped by 2.22% to 4.100 - PetroChina (00857) declined by 1.55% to 7.620 - Shanghai Petrochemical (00338) fell by 1.53% to 1.290 - CNOOC (00883) decreased by 1.36% to 19.600 [1] Group 2: Market Context - Investors and traders are focusing on the OPEC+ meeting this weekend, with expectations of a potential increase in production targets [1] - Oil prices declined on Thursday, continuing a previous drop of over 2% [1] - Analysts suggest that OPEC+ is seeking to regain market share, which may lead to a production increase in October [1]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has achieved a domestic natural gas production rate exceeding 100 million cubic meters per day, marking a new record in its operations [1] Group 1: Production Achievements - CNOOC's strategy focuses on "stabilizing oil production while increasing gas output," leading to steady growth in offshore and unconventional onshore natural gas production and capacity [1] - The "Deep Sea No. 1" Phase II project has been fully operational since June, increasing the peak annual production of the ultra-deepwater gas field from 3 billion cubic meters to 4.5 billion cubic meters [1] - Natural gas production from deepwater gas fields contributes over 30% to CNOOC's total natural gas output [1] Group 2: Regional Production Highlights - In July, the Bohai Oilfield's natural gas production exceeded 12 million cubic meters per day, with a total production of 52 billion cubic meters since its inception [1] - The production from the Bozhong 19-6 condensate gas field has increased by 1 million cubic meters per day year-on-year, demonstrating breakthroughs in the development of low-permeability gas reservoirs [1] - The scale and collaborative efficiency of unconventional onshore natural gas construction continue to improve [1]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) experienced a decline in stock price and trading volume on September 3, with significant net financing outflows, indicating a cautious market sentiment towards the company [1][2]. Financing Summary - On September 3, CNOOC had a financing buy-in amount of 99.48 million yuan and a financing repayment of 145 million yuan, resulting in a net financing outflow of 45.43 million yuan [1]. - The total financing and securities balance for CNOOC reached 1.797 billion yuan, with the financing balance accounting for 2.27% of the circulating market value, which is below the 50th percentile level over the past year, indicating a low financing position [1]. - CNOOC's securities lending on the same day included a repayment of 41,500 shares and a sale of 1,300 shares, with a total sale amount of 34,100 yuan, while the remaining securities lending balance was 53.90 million shares, exceeding the 90th percentile level over the past year, indicating a high lending position [1]. Company Overview - CNOOC, established on August 20, 1999, and listed on April 21, 2022, primarily engages in the exploration, production, and sales of crude oil and natural gas, with operations in various countries including China, Canada, the USA, the UK, Nigeria, and Brazil [2]. - The company's revenue composition is as follows: 84.57% from oil and gas sales, 13.11% from trading, and 2.32% from other businesses [2]. - As of June 30, 2025, CNOOC reported a total revenue of 207.61 billion yuan, a year-on-year decrease of 8.45%, and a net profit attributable to shareholders of 69.53 billion yuan, down 12.79% year-on-year [2]. Dividend and Shareholder Information - Since its A-share listing, CNOOC has distributed a total of 224.34 billion yuan in dividends, with 176.36 billion yuan distributed over the past three years [3]. - As of June 30, 2025, the number of CNOOC shareholders was 232,800, a decrease of 0.25% from the previous period, with an average of 12,936 circulating shares per person, an increase of 5.50% [2][3].

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has announced the commencement of the Wenchang 16-2 oilfield development project, which is expected to enhance its production capacity significantly [1] Group 1: Project Details - The Wenchang 16-2 oilfield is located in the western waters of the Pearl River Mouth Basin, with an average water depth of approximately 150 meters [1] - The project will utilize existing facilities from the Wenchang oilfield group and includes the construction of a new jacket platform that integrates oil and gas extraction, offshore drilling operations, and personnel living support [1] Group 2: Production Expectations - The project plans to develop 15 production wells and is expected to reach a peak production of approximately 11,200 barrels of oil equivalent per day by 2027 [1] - The oil produced from this project is characterized as light crude oil [1]

Market Overview - The Hang Seng Index fell by 153.12 points, a decrease of 0.6%, closing at 25,343.43 points [1] - The total turnover for the day on the main board was 267.647 billion HKD [1] - The Hang Seng China Enterprises Index dropped by 58.1 points, closing at 9,050.02 points, a decline of 0.64% [1] - The Hang Seng Tech Index decreased by 44.72 points, closing at 5,683.74 points, a drop of 0.78% [1] Blue Chip Stocks - Tencent Holdings fell by 0.33%, closing at 598.5 HKD [1] - Hong Kong Exchanges and Clearing decreased by 1.35%, closing at 437.6 HKD [1] - China Mobile increased by 0.12%, closing at 85.7 HKD [1] - HSBC Holdings declined by 0.6%, closing at 99.15 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings dropped by 1.41%, closing at 36.42 HKD [1] - Sun Hung Kai Properties fell by 1.66%, closing at 92.1 HKD [1] - Henderson Land Development decreased by 1.35%, closing at 26.3 HKD [1] Chinese Financial Stocks - Bank of China fell by 0.92%, closing at 4.31 HKD [1] - China Construction Bank decreased by 0.91%, closing at 7.63 HKD [1] - Industrial and Commercial Bank of China dropped by 1.2%, closing at 5.74 HKD [1] - Ping An Insurance increased by 0.09%, closing at 56.5 HKD [1] - China Life Insurance fell by 0.77%, closing at 23.16 HKD [1] Oil and Petrochemical Stocks - Sinopec fell by 0.92%, closing at 4.29 HKD [1] - PetroChina increased by 0.91%, closing at 7.74 HKD [1] - CNOOC dropped by 0.95%, closing at 19.87 HKD [1]

Group 1: Company Overview - China National Offshore Oil Corporation (CNOOC) is primarily engaged in the exploration, production, and sales of crude oil and natural gas, with operations in China, Canada, the USA, the UK, Nigeria, and Brazil [2] - The company's revenue composition includes 84.57% from oil and gas sales, 13.11% from trading, and 2.32% from other businesses [2] - As of June 30, 2025, CNOOC had 232,800 shareholders, a decrease of 0.25% from the previous period, with an average of 12,936 circulating shares per shareholder, an increase of 5.50% [2] Group 2: Financial Performance - For the first half of 2025, CNOOC reported operating revenue of 207.61 billion yuan, a year-on-year decrease of 8.45%, and a net profit attributable to shareholders of 69.53 billion yuan, down 12.79% year-on-year [2] - CNOOC has distributed a total of 224.33 billion yuan in dividends since its A-share listing, with 176.36 billion yuan distributed over the past three years [3] Group 3: Market Activity - On September 2, CNOOC's stock rose by 1.70%, with a trading volume of 2.641 billion yuan [1] - The financing buy-in amount for CNOOC on the same day was 241 million yuan, with a net financing buy of 13.48 million yuan, while the total financing balance reached 1.844 billion yuan [1] - CNOOC's margin trading balance accounted for 2.32% of its market capitalization, indicating a high level of financing activity [1]

Core Insights - China's offshore heavy oil thermal recovery has achieved a significant milestone, surpassing a cumulative production of 5 million tons, marking a key step in the global offshore heavy oil development sector [3][12][14] - The Luda 5-2 North Oilfield Phase II project has emerged as a leader in this field, showcasing strong development momentum since its production start in February, with over 2 million tons of heavy oil reserves activated and daily production exceeding 500 tons [3][6] Technological Innovations - The development of heavy oil is challenged by its high viscosity and density, making extraction difficult, especially in offshore environments where costs are high and space is limited [6][9] - China National Offshore Oil Corporation (CNOOC) has introduced an innovative "fewer wells, higher yield" thermal recovery model, which enhances single well output through high-temperature steam injection and the use of various gases and chemicals [8][9] Equipment Advancements - CNOOC has successfully developed high-end oil production trees and supporting systems suitable for offshore heavy oil thermal recovery, along with modular equipment specifically designed for this purpose, filling a gap in the domestic market [9][10] Resource Potential - China is one of the world's four major heavy oil producers, with proven heavy oil resources amounting to 3.5 billion tons, indicating substantial development potential [10][12] - Currently, less than 3% of the annual production from Bohai Oilfield, which exceeds 30 million tons, comes from unconventional heavy oil, highlighting the opportunity to convert dormant heavy oil reserves into actual production [10][12] Future Outlook - The offshore heavy oil thermal recovery production is expected to exceed 1 million tons for the first time in 2024, with projections for 2025 indicating a potential annual output of 2 million tons, reflecting the technology's vast potential and promising future [14][16] - Continuous advancements in technology and equipment are anticipated to accelerate the pace of offshore heavy oil thermal recovery capacity construction, contributing significantly to national energy security [16]

Group 1 - The oil and gas extraction sector increased by 0.15% compared to the previous trading day, with China National Offshore Oil Corporation (CNOOC) leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - The trading volume and turnover for key stocks in the oil and gas extraction sector were significant, with CNOOC closing at 26.38, up 1.70% with a turnover of 26.41 billion yuan [1] Group 2 - The net capital flow in the oil and gas extraction sector showed a net outflow of 4.87 million yuan from main funds, while retail funds experienced a net outflow of 24.31 million yuan [1] - CNOOC had a net inflow of 74.62 million yuan from main funds, but a net outflow of 84.68 million yuan from retail investors, indicating mixed investor sentiment [2] - Other companies like Blue Flame Holdings and ST Xinchao experienced significant net outflows from main funds, highlighting potential concerns among institutional investors [2]

Investment Rating - The report maintains a "Buy" investment rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - The decline in oil prices has negatively impacted revenue, but the company's resilience is highlighted through increased reserves and production [5] - CNOOC's oil and gas sales revenue decreased by 7.22% year-on-year due to falling oil prices, with the average price of crude oil dropping from $80.32 per barrel in the first half of 2024 to $69.15 per barrel in the first half of 2025 [5] - The company achieved a net production of 385 million barrels of oil equivalent in the first half of 2025, representing a 6.1% increase year-on-year, with natural gas production rising by 12.0% [5] - CNOOC's cash flow management has improved, with a net cash flow from operating activities of RMB 109.18 billion, despite a 7.9% decline due to reduced cash inflow from oil and gas sales [6][7] - The company is focusing on increasing reserves and production while accelerating its transition to renewable energy, achieving significant progress in clean production measures and expanding its overseas exploration [8] Summary by Sections Financial Performance - In the first half of 2025, CNOOC reported total revenue of RMB 207.61 billion, a decrease of 8.45% year-on-year, and a net profit attributable to shareholders of RMB 69.53 billion, down 12.79% [4] - The second quarter of 2025 saw a revenue of RMB 94.35 billion, a year-on-year decline of 15.35% [4] Cost Management - The company managed to stabilize its expenses, with a slight increase in sales and management expenses by 2.1% year-on-year, while overall expenses showed a decrease [6] Growth and Innovation - CNOOC is enhancing its resource base through technological innovation and has made new discoveries in domestic waters, while also expanding its international footprint [8] - The company is actively pursuing green transformation initiatives, including offshore carbon capture and utilization (CCUS) and floating wind power projects [8] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 137.1 billion, RMB 139.3 billion, and RMB 146.3 billion respectively, with corresponding price-to-earnings ratios of 8.9, 8.8, and 8.3 times [9]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年8月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國海洋石油有限公司 | | | 呈交日期: | 2025年9月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00883 | | 說明 | | 於香港聯交所上市的股份（「香港股份」） | | | | | 多櫃檯證券代號 | 80883 | RMB 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月 ...