Core Insights - The Qatar BH EPIC project, valued at approximately $4 billion, marks the largest international offshore oil and gas engineering contract undertaken by a Chinese company, enhancing energy cooperation between China and Qatar and contributing to the Belt and Road Initiative [1][3]. Group 1 - The project is located about 100 kilometers off the eastern coastline of Qatar in the Persian Gulf, specifically in the Bul Hanine oil field, with a maximum water depth of approximately 40 meters [3]. - The scope of work includes over 60 offshore oil and gas facilities, 40 subsea pipelines, and involves design, procurement, construction, transportation, installation, commissioning, as well as modifications and decommissioning of existing platforms, with a steel processing volume exceeding 130,000 tons [3][5]. - The project team has conducted in-depth research on contract terms and technical requirements, identifying key challenges and developing a detailed implementation and quality management plan to ensure high standards and quality [5]. Group 2 - The Qatar BH EPIC project is a continuation of the company's efforts in the Middle East, following previous projects such as NFA, NFPS COMP2, ISND5-2, and RUYA, showcasing the company's established relationships with major regional oil companies like Saudi Aramco and Qatar Energy [5]. - The company aims to accelerate its international development by integrating domestic standardized design experiences and digital transformation achievements into international projects, providing comprehensive solutions for marine energy infrastructure in Belt and Road countries [7].

卡塔尔BH+EPIC总包项目启动会现场 卡塔尔BH EPIC总包项目由卡塔尔能源公司投资开发，合同金额约40亿美元。项目位于卡塔尔海岸线以东 约100公里的波斯湾卡塔尔海域Bul Hanine（BH）油田，最大水深约40米。项目工作范围包括60余个海洋 油气设施单体，40条海底管缆等设计、采办、建造、运输、安装、调试，以及在役平台设施改造和弃置平 台拆除工作，钢材加工量超过13万吨，项目业务品类之多、工作内容之复杂均创纪录。 据海油工程总裁助理兼中东项目集总经理刘瑞介绍，项目团队深入研究合同条款和技术要求，系统识别项 目重点难点，通过管理前置和风险研判，制定详细周密的实施计划和质量管理方案，充分发挥国内全产业 链资源优势，以精细化、标准化管控和强有力的组织管理为抓手，全力推动项目高标准、高质量开展。 10月13日，海洋石油工程股份有限公司（下称"海油工程"）发布消息，随着合同金额约 40 亿美元的卡塔 尔BH EPIC总包项目启动会的召开，标志着我国承揽的合同金额最大的国际海洋油气工程总包项目全面启 动，推动中卡能源合作再上新台阶，对高质量推进共建"一带一路"国家间油气合作具有重要意义。 据了解，卡塔尔BH ...

Core Insights - The Qatar BH EPIC project marks the largest international offshore oil and gas engineering contract undertaken by a Chinese company, with a total contract value of approximately $4 billion [2][3] - The project is located in the Bul Hanine oil field, approximately 100 kilometers off the coast of Qatar, and involves complex tasks including the design, procurement, construction, transportation, installation, commissioning, and decommissioning of over 60 offshore oil and gas facilities [2] - The project is expected to enhance energy cooperation between China and Qatar, contributing to high-quality international oil and gas collaboration [2] Company Developments - The Qatar BH EPIC project is a continuation of the company's efforts in the Middle East, following previous projects such as NFA, NFPS COMP2, ISND5-2, and RUYA, showcasing the company's growing presence in the region [3] - The company has established strong partnerships with major Middle Eastern oil companies, including Saudi Aramco and Qatar Energy, which has led to high recognition of its international engineering capabilities [3] - Future plans include accelerating international development by integrating domestic standardized design experiences and digital transformation achievements into international projects, thereby providing comprehensive solutions for marine energy infrastructure [3]

Investment Rating - The report maintains a positive outlook on the petrochemical industry [2] Core Views - The report highlights the unprecedented scale of refinery shutdowns in Russia, leading to increased Ural crude oil exports. As of the end of September, 38% of Russia's refining capacity (approximately 338,000 tons per day) was offline, primarily due to drone attacks from Ukraine [3][4][5] - The upstream sector is experiencing a decline in oil prices, while day rates for jack-up rigs are increasing. Brent crude oil futures closed at $62.73 per barrel, down 2.79% from the previous week [3][18] - The refining sector is seeing a drop in overseas refined oil crack spreads, while olefin spreads are rising. The Singapore refining margin for major products was $20.06 per barrel, down $1.48 from the previous week [3][54] - The polyester sector shows signs of recovery, with expectations for improved profitability as supply and demand conditions improve [3][13] Summary by Sections Upstream Sector - Brent crude oil prices decreased to $62.73 per barrel, with a weekly decline of 2.79%. U.S. commercial crude oil inventories increased by 5.507 million barrels to 420 million barrels [3][20] - The number of U.S. drilling rigs decreased by 2 to 547, with a year-on-year reduction of 39 rigs [3][32] Refining Sector - The report notes a significant drop in Russian refining capacity due to drone attacks, with a 5.08% quarter-on-quarter decline in processing volume in Q3 2025 [3][9] - The report indicates that the domestic refining product spread has improved, but remains at a low level [3][51] Polyester Sector - The report indicates that PTA profitability has declined, while polyester filament profitability has increased. The average price of PTA in East China was 4,528.6 yuan per ton, down 1.69% week-on-week [3][13] - The report expresses optimism for leading polyester companies such as Tongkun Co. and Wankai New Materials, anticipating a gradual improvement in the industry [3][13] Investment Recommendations - The report recommends focusing on leading refining companies such as Hengli Petrochemical, Rongsheng Petrochemical, and Sinopec, as well as upstream oil service companies like CNOOC Services and Haiyou Engineering [3][13]

相关企业：中国海洋石油集团有限公司、中远海运重工有限公司、大连船舶重工集团有限公司、烟台中 集来福士海洋工程有限公司、招商局重工（江苏）有限公司、山东海洋集团有限公司等。 关键词：海洋钻井平台行业发展历程、海洋钻井平台行业产业链、钢材行业产量、铝合金行业产量、全 球海洋钻井平台市场利用率、海洋工程装备制造业生产总值、海洋钻井平台生产总值、海洋钻井平台行 业竞争格局、海洋钻井平台行业发展趋势 一、海洋钻井平台行业概述 内容概况：海洋钻井平台作为海洋工程装备的主体，集海上钻井、原油存储与人员居住等核心功能于一 体，是开发利用海洋油气资源的关键环节，全球约70%的油气资源蕴藏于深海区域。自1896年全球首座 海上钻井平台问世以来，海洋钻井技术实现了从浅水木质栈桥到深水智能化装备的跨越式发展。我国自 1960年完成首口海上钻井后，逐步建立起涵盖浅水大位移井、深水无隔水管钻井等先进技术体系。2012 年5月，我国自主建造的第六代深水半潜式钻井平台"海洋石油981"在南海正式开钻，标志着深水钻井能 力迈入新阶段。2017年2月，我国建造了"蓝鲸一号"深海钻井平台，随后又制造了"蓝鲸2号"深海钻井平 台；它们配置了高效的液 ...

Core Insights - The oil service engineering sector experienced a rise of 1.36% on October 10, with China National Petroleum Engineering leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Stock Performance - China National Petroleum Engineering (600339) closed at 3.68, up 3.37% with a trading volume of 1.0453 million shares and a transaction value of 381 million yuan [1] - Other notable performers included Huibo Yin (002554) at 3.09, up 2.66%, and Zhongman Petroleum (619609) at 19.84, up 1.64% [1] - The overall trading volume and transaction values for various stocks in the oil service engineering sector were significant, indicating active market participation [1] Capital Flow - The oil service engineering sector saw a net outflow of 148 million yuan from institutional investors, while retail investors contributed a net inflow of 200 million yuan [2][3] - The detailed capital flow indicated that while institutional and speculative funds were withdrawing, retail investors were actively buying into the sector [2][3] Individual Stock Capital Flow - Zhongman Petroleum (300191) had a net inflow of 772.26 thousand yuan from institutional investors, while it faced a net outflow of 1204.39 thousand yuan from speculative funds [3] - Other stocks like PetroChina (600871) and Huibo Yin (002554) also showed mixed capital flows, with retail investors showing a preference for certain stocks despite overall net outflows from larger funds [3]

惠州25-8B钻采平台作为惠州25-8油田综合调整项目的核心设施，位于深圳东南140公里的珠江口盆地西江油田，作业水深102米。此次浮托 的平台上部组块，长81米、宽44.5米，投影面积超过8.5个标准篮球场大小，重达14370吨。 10月9日，海洋石油工程股份有限公司发布消息，由公司承建的惠州25-8B钻采平台上部组块海上安装工作全部完成，标志着惠州25-8油田综 合调整项目核心设施成功"安家"油田，进入调试阶段。 惠州25-8B钻采平台上部组块与导管架"底座"之间共有16个连接处，焊接工作人员历时约48小时，使用超过232公里长的焊材，完成平台安装 连接的全部焊接工作。 作者：李帅、李浩玮 新华社音视频部制作 下一步，项目团队将开展惠州25-8B平台的调试作业。项目投产后，将进一步强化惠西油田区域的物流与电网传输连接能力，串联周边已开 发油田形成产业集群，推动海上能源产业链协同发展，为保障国家能源安全注入新动力。 ...

本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 已披露增持计划情况 海洋石油工程股份有限公司（以下简称"公司"或"本公司"）于 2025 年 4 月 9 日披露了《关于控股股东增持公司股份计划的公告》。公司控股股东中国海洋 石油集团有限公司（以下简称"中国海油集团"）拟自 2025 年 4 月 9 日起 12 个月 内通过上海证券交易所采用集中竞价方式增持公司的 A 股股份，增持总金额不低 于人民币 3 亿元（含本数），不高于人民币 5 亿元（含本数）。具体情况详见公司 于 2025 年 4 月 9 日披露的《海油工程关于控股股东增持公司股份计划的公告》（临 2025-013）。 证券代码：600583 证券简称：海油工程 公告编号：临 2025-030 海洋石油工程股份有限公司 关于控股股东增持公司股份时间过半 暨增持计划进展公告 增持计划的实施进展 截至本公告披露日，本次增持计划时间过半，中国海油集团通过上海证券交 易所系统以集中竞价交易方式增持公司 2,560,200 股 A 股，此次增持实施后 ...

Investment Rating - The report maintains a positive outlook on the oil and petrochemical industry, indicating a "Look Favorably" investment rating [4]. Core Insights - The global natural decline rates of oil and gas fields show significant differentiation, leading to a more concentrated future supply of oil and gas [4]. - The International Energy Agency (IEA) reports that the average annual decline rate for conventional oil is 5.6%, while for natural gas it is 6.8%. Without new investments, oil production is expected to decline by 8% annually over the next decade, and natural gas by 9% [5][12]. - The report highlights that nearly 90% of upstream investments are currently aimed at offsetting declines rather than meeting growth, indicating a need for substantial new investments to maintain current production levels [14]. Summary by Sections Upstream Sector - Brent crude oil futures closed at $64.53 per barrel, down 7.99% week-on-week, while WTI futures closed at $60.88 per barrel, down 7.36% [24]. - The number of active oil rigs in the U.S. increased by 7 to 549, although this is a decrease of 38 compared to the previous year [37]. - The report anticipates a widening supply-demand trend for crude oil, with expectations of downward pressure on prices, but a medium to high price range due to OPEC cuts and shale oil cost support [4]. Refining Sector - The comprehensive price spread for major refined products in Singapore rose to $21.72 per barrel, an increase of $8.14 from the previous week [59]. - The report suggests that refining profitability is expected to improve as oil prices adjust, with a gradual recovery anticipated as economic conditions stabilize [4]. Polyester Sector - The report indicates a recovery expectation for the polyester sector, with potential upward movement in profit margins as supply-demand dynamics improve [17]. - Key companies to watch include Tongkun Co., Ltd. and Wankai New Materials, which are expected to benefit from this recovery [17]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector, such as Tongkun Co., Ltd. and Wankai New Materials, as well as high-quality refining companies like Hengli Petrochemical and Sinopec [17]. - It also highlights the resilience of upstream exploration and development companies, particularly offshore service companies, which are expected to see performance improvements [17].

Investment Rating - The report maintains a positive outlook on the petrochemical industry, indicating a recovery in industry prosperity [3][5]. Core Viewpoints - The "Petrochemical Industry Steady Growth Work Plan" aims for an average annual growth of over 5% in the industry's added value from 2025 to 2026, with a focus on stabilizing economic benefits and enhancing technological innovation [4][5]. - The report highlights five key initiatives to achieve these goals, including strengthening technological innovation, expanding effective investment, and enhancing market demand [6][10]. - The upstream sector is experiencing a trend of widening supply and demand, with expectations of oil prices maintaining a medium to high level despite potential downward adjustments [4][18]. - The refining sector is seeing improved profitability due to a recovery in oil prices, although the current product price differentials remain low [4][45]. - The polyester sector shows signs of recovery, with expectations for improved profitability as supply and demand conditions improve [14]. Summary by Sections Upstream Sector - Brent crude oil prices increased to $70.13 per barrel, a 5.17% rise week-on-week, while WTI prices rose to $65.72 per barrel, up 4.85% [4][18]. - U.S. commercial crude oil inventories decreased to 415 million barrels, down 610,000 barrels from the previous week, and are 4% lower than the five-year average [20][22]. - The number of U.S. drilling rigs increased to 549, up 7 rigs week-on-week, but down 38 rigs year-on-year [28]. Refining Sector - The Singapore refining margin for major products fell to $13.54 per barrel, down $4.51 from the previous week [4]. - The report notes that while refining product price differentials have improved, they remain at low levels, with expectations for gradual improvement as the economy recovers [4][45]. Polyester Sector - PTA prices have stabilized, with the average price in East China at 4528.6 CNY per ton, down 1.69% week-on-week [4]. - The report anticipates a gradual improvement in the polyester industry as new capacity additions taper off in the coming years [14]. Investment Recommendations - The report recommends focusing on leading companies in the polyester sector, such as Tongkun Co. and Wankai New Materials, as well as high-quality refining companies like Hengli Petrochemical and Sinopec [14][15]. - It also suggests monitoring companies in the upstream exploration and development sector, which are expected to maintain high profitability due to sustained capital expenditures [14].